Posts Tagged ‘Illinois tax increase’

Surprise, surprise, a primary election is on the horizon this Spring for IL state legislators.  Consequently, legislators are considering using money which they could use to stop closures of state facilities and prevent worker layoffs to instead hand out juicy tax breaks to business which is now trying to bully them.

Once ignored, Ill. tax change now center stage

“…When advocates for the needy and vulnerable wanted to stave off budget cuts earlier this year, they fought for a change in tax laws that would save Illinois hundreds of millions of dollars. Six months later, state leaders are giving the idea serious consideration – as a way to pay for corporate tax breaks.

The change, known in Springfield shorthand as “decoupling,” is part of a proposal to provide financial relief to keep Chicago financial exchanges and Sears from leaving the state. The roughly $500 million package, which Gov. Pat Quinn and legislative leaders were negotiating Tuesday, also would offer smaller forms of tax relief to businesses across Illinois and to the working poor…”


It looks like Quinn and the legislature are close to accomplishing the impossible: a permanent tax increase deal for IL. They are actually working out a long-term fiscal blueprint for paying for all outstanding bills, pension costs, and restructuring Illinois with a moratorium on new expenditures and programs for years! They are changing the process of state budgeting with a commitment to making all pension payments from now on. Now all Madigan has to do it get this deal approved by the House, which may not be so easy. See videos below for the fascinating details!

1/6/2011 press conference, part 1:

1/6/2011 press conference, part 2: