Illinois Bet the Farm and Lost—You’ll Never Guess Who They Want to Pay the Tab

Illinois is facing a fiscal crisis that would see normal businesses shutting their doors and packing up the U-Haul. But states are an entirely different matter. They’re not allowed to declare bankruptcy.

Pensions, which a judge ordered must be paid by Illinois, now amount to 100 percent of the state’s revenue. Moreover, those pension funds are invested in the stock market and cannot be paid without a guaranteed five to seven percent return — which is nearly impossible. So lawmakers have come up with a new plan to solve the problem created by an overburdened, overreaching government: tax the rich.

“This is an actual proposal now. They want to tax the rich, but in particular, they are mad at the people who are making so much money on the stock market. So what they’re going to do, in Illinois, they are now proposing a “small” tax of 20 percent,” Glenn explained Thursday on radio.

The other proposal on the table is to break up the state and have it absorbed by the surrounding states.

“How many people in Missouri want to now be responsible for East St. Louis?” Glenn asked.

Thanks, but no thanks, Illinois.

This article was originally published on GlennBeck.com.