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ILLINOIS PREPARES TO GO OFF DEEP END

March 08, 2007

As bad as things look for this year's legislative session in Iowa, things look even worse in Illinois. Governor Blagojevich (pronounced "so-far unindicted") is looking for 32 billion in new revenue, and part of it will come through a gross receipts tax:

(UPDATE, 12/9/2008: Pronunciation correction.)

SPRINGFIELD -- Gov. Rod Blagojevich on Wednesday plans to call for a huge overhaul of Illinois government's finances that counts on raising $32 billion in new revenue by adding business taxes, leasing the state lottery and selling bonds.

Seeking to convince skeptics in a legislature controlled by his own party, the Democratic governor will try to make the case for new revenues by touting plans to pump billions of dollars into public schools and expanded health-care coverage, according to budget documents obtained by the Tribune.

Yes, the Illinois government is doing such a bang-up job with it's existing chores that the time is ripe to give it massive new responsibilities, like destroying health care in the state.

The Tax Policy Blog has a timely piece on the unwisdom of the proposed gross receipts tax.

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