SPRINGFIELD, Ill. Illinois lawmakers have approved a politically risky 66 percent income tax increase in an effort to solve a historic budget crisis. State's lawmakers pass 66 percent tax increase - Politics - More politics - msnbc.com By DEANNA BELLANDI The Associated Press The bill now goes to Democratic Gov. Pat Quinn, who supports the plan. It would temporarily We know that's not true. Spending will increase if it even gets close to balancing the budget. set the personal tax rate at 5 percent, up from 3 percent now. Corporate taxes would climb, too. Quinn's office says the tax increase would generate about $6.8 billion annually, helping close a budget hole that could hit $15 billion this year. As long as companies don't move out. Indiana must be very happy at this idiocy. In sheer percentage terms, the increase could be the biggest on the long list of those passed as states grapple with nationwide economic woes. We're number 1! We're number 1! We're number 1! The Illinois Senate approved the measure 30-29 early Wednesday. The House had approved it late Tuesday. It's rare that I'm glad I no longer live there. But it's moments like this that really drive it in that I will never move back home.