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33% Tax Hike Will Hit Illinois; Another Stiffed Illinois Vendor Stops Servicing State

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http://globaleconomicanalysis.blogspot.com/2010/11/33-tax-hike-will-hit-illinois-another.html

Illinois has a $13 billion and growing deficit. The current backlog of bills approaches $6 billion. The state has not paid some suppliers for seven months. In response some vendors have stopped doing business with the state.

Please consider Another vendor quits doing business with Illinois

Records show the Illinois Department of Corrections was forced to scramble this week when a vendor refused to deliver foam food trays to Menard Correctional Center because it hadn’t been paid. Industrial Soap Co., which holds the master contract for the foam trays, “will not deliver due to delinquent invoices,” prison officials noted.

The St. Louis-based vendor wouldn’t discuss the contract situation Tuesday, but records show the company is owed about $166,000 dating to last year.

In order to avoid gaps in meal service, state officials gave another company a $36,000 emergency contract to keep the foam trays in stock.

The trays are needed to serve meals to the 3,400 inmates because they have been mostly locked in their cells since mid-October due to rising violence in the maximum-security facility.

The state is facing a $13 billion deficit that could grow larger by next year. The current backlog of bills is listed by Comptroller Dan Hynes at nearly $5.6 billion. The state owes at least one vendor for services dating back to March.

Earlier this year, a company that provides ammunition to help train new guards stopped delivering bullets because it was owed money. Another company that supplies eyeglass lenses also stopped shipping the stock until it was paid.

33% Tax Hike Coming to Illinois

Illinois voters likely returned Governor Pat Quinn to office. Their reward will be a 33% tax hike, if Quinn gets his way.

The election is still undecided 2 days later. Quinn's lead is 16,000 or so out of over 3.6 million cast. Absentee ballots have yet to be counted. However, the math looks improbable for challenger Bill Brady.

The problem for Brady is he barely got 20% of the vote in a packed Republican primary. 80% of Republicans wanted someone else. Brady generated little enthusiasm, and none from me, except for one thing: He was not Quinn.

For most voters, that was not enough.

Chicago voted overwhelmingly for Quinn, 86% to 14% or so. His solution is to the mess is a proposal to raise state taxes by 33%.

Looks like Bernanke needs to get some of this cash to US States ASAP.

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  • 141 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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