When Is a 33% Tax Hike a 1% Tax Hike?
by Cal Skinner
Until the tax deductions begin.
Friday night, WTTW “Chicago Week in Review” host Joel Weisman asked four tax-hike leaning panelists whether they would go along with a “1%” state income tax hike.
Come on.
If the General Assembly and Pat Quinn hike income taxes from 3% to 4%, that is not a “1%” tax hike.
It's a 33% tax hike.
Tell me why reporters can't figure out the difference?
This is my second "Good Grief" in seeing coverage of an income tax hike effort. The first happened after hearing Governor Jim Thompson's flacks succeed in convincing the Capitol Press Room that increasing the income tax rate from 2 1/2% to 3 1/2% was a "1%" tax hike.
Not! Read more...
