tax increase http://wuis.org en S&P: Next Two Months 'Critical' For Illinois Finances http://wuis.org/post/sp-next-two-months-critical-illinois-finances <p>A major credit rating agency says the next two months will be "critical" for the future of Illinois' finances. The key question is whether to make a temporary tax hike permanent.</p><p>Like most of the big credit rating agencies, Standard &amp; Poor's has been bearish on Illinois finances — lowering the state's credit rating four times in recent years.</p> Wed, 09 Apr 2014 21:37:01 +0000 Brian Mackey 22672 at http://wuis.org S&P: Next Two Months 'Critical' For Illinois Finances Report: Deficit Expected Even If Tax Hike Stays http://wuis.org/post/report-deficit-expected-even-if-tax-hike-stays <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Even if Illinois keeps its higher income tax rate, a new report projects the state is headed toward deficit spending.&nbsp;</p><p><span style="line-height: 1.5;">Illinois residents are paying a 5-percent tax on their income. It's been that way since 2011.</span></p><p>According to a new report from the University of Illinois' Institute of Government and Public Affairs, that tax money helped balance Illinois' budget this year.</p><p>But economist David Merriman, who directed the project, says that won't last.</p> Tue, 29 Oct 2013 21:30:37 +0000 Amanda Vinicky 11953 at http://wuis.org Report: Deficit Expected Even If Tax Hike Stays