David Merriman

Fiscal Focus
4:30 pm
Tue October 29, 2013

Report: Deficit Expected Even If Tax Hike Stays

Credit flickr/borman18

  Even if Illinois keeps its higher income tax rate, a new report projects the state is headed toward deficit spending. 

Illinois residents are paying a 5-percent tax on their income. It's been that way since 2011.

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.

But economist David Merriman, who directed the project, says that won't last.

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