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History also shows these increases never fully generate the expected income because taxpayers will look for new ways to avoid them or simply up and leave the state.
And even with the 67% personal and 47% corporate tax increases, Illinois will still be deficit spending, so this is really just kicking the can down the road.
"The first income tax was signed into law by Republican Gov. Richard Ogilvie in 1969. Before then, most state funding came from a statewide property tax abolished in 1932 and a subsequent sales tax.
"However, Ogilvie faced a potential $1 billion budget deficit his first year in office. Ogilvie wanted to fix the budgetary problems with money from a personal and corporate income tax. Originally, Ogilvie proposed a 4 percent flat personal income tax, but eventually settled for a rate of 2.5 percent.
"Since Ogilvie signed the individual income tax into law, the rate has fluctuated a bit. The rate was raised to 3 percent in 1983 but was rolled back to 2.5 percent a year later. On July 1, 1989, the rate once again rose to 3 percent. It was scheduled to revert to 2.5 percent, but on July 1, 1993, the 3 percent rate was made permanent."
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