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Home / IL: Democrat Governor considers Raising Income tax by 50%IL: Democrat Governor considers Raising Income tax by 50%
Last Updated on Friday, 13 March 2009 10:02 Written by rslcpol Friday, 13 March 2009 10:02
From Chicago Tribune:
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.
The first state income tax increase in 20 years would be cushioned in part by raising the standard tax exemption up to $6,000 per person from $2,000, the sources said.