income tax hike en 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 Report: Deficit Expected Even If Tax Hike Stays Quinn Not Ready To Talk Taxes <p>Though he supported Illinois' income tax hike in the past, Governor Pat Quinn is so far unwilling to take a stance on whether it should expire.</p><p>This fiscal year, Illinois is putting $6.8 billion toward pensions. An amount that's more than covered by how much money the state took in from a higher income tax rate -- the increase alone is projected to pull in almost $8 billion this year.</p><p>But that raises the question: how will Illinois function when the income tax revenues begin to decrease?</p> Thu, 24 Oct 2013 23:15:13 +0000 Amanda Vinicky 11670 at Quinn Not Ready To Talk Taxes Rutherford: Permanent Tax Hike ‘On The Table’ <p>Monday is day two of state Treasurer Dan Rutherford's three-day tour of Illinois. He's meeting with supporters to say he's officially running for governor. Rutherford has been laying the groundwork to run for years, making the formal announcement one of the least surprising events in Illinois politics. So we asked reporter Brian Mackey to find something about Rutherford's announcement that was surprising.</p><p></p> Mon, 03 Jun 2013 16:13:38 +0000 Brian Mackey 3671 at Rutherford: Permanent Tax Hike ‘On The Table’