Illinois income tax rate may rise by 50% -- chicagotribune.com »
Posted By joeblowe 9 months, 1 week ago in NewsTRIBUNE UPDATE: Gov. Pat Quinn today acknowledged he plans to raise income taxes in the wake of a Chicago Tribune story that he is considering a 50 percent increase on individuals. He declined to confirm details in the Tribune report, which said he is looking at raising the personal income tax from 3 percent to 4.5 percent as well as increasing personal exemptions.
"There will be some that will have a higher tax burden," Quinn told reporters today during an impromptu news conference at the James R. Thompson Center, adding it would be based on the ability to pay. Quinn said an increase would be part of a "fundamental reform" of the income tax system that would provide tax relief for many Illinoisans. He said that would come from more generous tax exemptions for working families who are suffering amid the nation's economic decline.
SPRINGFIELD — Gov. Pat Quinn is considering raising the Illinois income tax by 50 percent in a politically risky bid to address one of the biggest budget dilemmas in state history, sources said Thursday.
An increase to 4.5 percent from the current 3 percent tax rate on individuals would include a corresponding hike in the corporate income tax on businesses, according to sources familiar with the new governor's preparations for his first budget address Wednesday.
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joeblowe
Anyone finding this and wondering why I haven't been around.... I've (at least temporarily) given up on Propeller. I might be around a ...
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joeblowe9 months, 1 week ago
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I want to encourage everyone to send a teabag to Guber Quinn right away. It's hard to understand how anyone could be dim enough to propose a tax INCREASE during a bad recession, but I guess it doesn't seem like a problem to Illinois Democrats.
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Governor Pat Quinn
Illinois Executive Mansion
410 East Jackson
Springfield, Illinois 62701
(217) 782-2525.
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