MADISON, Wis. (AP) – With Illinois considering an increase in the personal income tax rate, the Governor from Wisconsin is smelling blood in the water.
Gov. Scott Walker joked during a speech at a Wisconsin Bankers Association meeting that he thought he was reading the satirical newspaper The Onion when he heard about the proposal to raise taxes in Illinois
Joking aside, Walker told the bankers there’s no better time for Wisconsin to lower its business taxes and entice companies from Illinois and other states.
Walker even laid out plans to lower the tax burden in Wisconsin, even though the state faces a 3-billion-dollar shortfall.
The Illinois Senate began debating the tax increase after midnight. The House passed the increase Tuesday evening.
The tax would set the personal tax rate at 5 percent, up from 3 percent now. That would be a 66 percent increase. Corporate taxes would climb, too.
Gov. Pat Quinn’s office says the tax increase would generate about $6.8 billion a year.
Copyright 2011 Associated Press