On the recordJanuary 20, 2011
And it will be interesting to see if the Illinois experience will replicate what happened in Indiana and those other States I listed, and my gut guess is it probably will not. But when we instituted income tax for the first time in this country, the statute that did that would cap the maximum rate of income tax at 2 percent, even though we only applied a 0.5 percent income tax. I think if people would look at their paychecks today, they would see it slightly different from that original time.
