Gov. Quinn Calls For Keeping Higher Income Tax Rate
Illinois residents would continue paying a 5-percent income tax rate under the much-anticipated budget proposal Governor Pat Quinn presented today.
Illinois' income tax rate is supposed to expire in January, midway through the fiscal year.
Gov. Quinn says that would cause "savage cuts" to schools and other critical state services.
Instead, Quinn wants to make the higher income tax rate permanent.
"I propose that we take the path that is honest and responsible. The path that protects everyday families and invests in their future. The honest path, that includes some additional hard steps but leads us out of the era of budget emergencies," Quinn said.
In an attempt to ease taxpayer's pain, he also wants to give homeowners a $500 property tax credit.
The governor's plan is getting early signals of support from the General Assembly's leading Democrats.
But Republicans -- including the man who's trying to take over the governor's mansion, GOP gubernatorial nominee Bruce Rauner - - say Illinois' budget can be balanced without the higher taxes. Rauner hasn't given any specifics, however.
The competing visions set up a clear choice for voters heading into the November election.