Illinois Prepares 33% Tax Increase. Here Are 5 Things You Need To Know.

As the state of Illinois careens into financial free fall, the state House of Representatives passed a bill on Sunday raising taxes by a whopping 33% and approving the state budget. Neither action will do anything to ameliorate the state’s financial woes.

Here are five things you need to know about the tax hike and spending bill passed by the Illinois House on Sunday.