Higher Illinois gas taxes set to take effect on Monday might give some south suburban residents one more reason to spend their money in neighboring Indiana.
Illinois has charged a 19-cent per gallon motor fuel tax on gasoline since 1990. Lawmakers recently voted to double the rate, to 38 cents per gallon, effective July 1. Also, the tax will be tied to the rate of inflation moving forward, meaning it will likely increase by a penny or more every year.
The higher taxes on gasoline, along with higher vehicle-registration fees, revenue from expanded gaming and other taxes and fees, will supposedly help pay for a $45 billion infrastructure plan.
Stephen Moore, Noted Economist, Wall Street Journal columnist and author of Trumponomics: Inside the America First Plan to Revive Our Economy, gives his grim prediction for taxes in Illinois with Dan & Amy: