No one likes new taxes. I think we need to be careful and not give our opportunities to neighboring states.
We now have a lower tax rate that ALL of our neighboring states. With the tax increase we STILL will have a lower tax rate than all the neighboring states, save Indiana and Michigan.
Indiana is a big neighbor that can filter a lot of business out of Chicago, and it's important to note that Wisconsin is actually lowering it's taxes.
Our governor was elected on a platform of raising taxes in order for the state to pay its bills and balance out its deficit.
The rate will go back to 3.75%, thus making the rate much lower than our neighbors once again.
You have to also realize how bad not balancing the budget and having all these outstanding bills hurts the economy and robs from those who offered to the State.
I am not saying there could not be another way.
But strangely enough, this is the will of the people. Love it or hate it, we don't always get our way.