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Home / IL: Democrats Push 75% Income Tax IncreaseIL: Democrats Push 75% Income Tax Increase
Last Updated on Friday, 7 January 2011 10:35 Written by rslcpol Friday, 7 January 2011 10:35
From ChicagoTribune.com:
Gov. Pat Quinn and top Democratic lawmakers reached a tentative agreement Thursday on a major, post-election income-tax increase and a $1-a-pack cigarette-tax hike to stabilize the state budget and provide a cash infusion for schools.
The plan, detailed by Senate President John Cullerton following closed-door meetings with the governor and House Speaker Michael Madigan, still faces a review by rank-and-file members of the Democratic-led legislature in the waning days of a lame-duck session.
Under the proposal, the state’s 3 percent personal income-tax rate would rise to 5.25 percent for four years, then fall to 3.75 percent. All told, that’s a 75 percent increase.