tax increase

Opposition Softens Some
5:04 pm
Mon November 10, 2014

Most Illinois Residents Oppose Tax Hike

Credit flickr/jmorgan

A hike in Illinois’ income tax rate will begin rolling back at the end of this year, and a majority of Illinois voters are alright with that.

A new poll shows 56-percent of voters oppose making the increase permanent.

Respondents to the survey, which was done before the election by the Paul Simon Institute at Southern Illinois University, were asked that question fairly directly.

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Statehouse
2:45 am
Sat May 31, 2014

General Assembly Adjourns With Much Undone

House Speaker Michael Madigan addresses his colleagues at the close of the Illinois General Assembly's spring session.
Credit Brian Mackey/WUIS

The General Assembly finished its legislative session shortly after midnight Saturday, approving a billion-dollar road construction program.

Democrats started the session with an ambitious agenda: raise the minimum wage, boost college assistance for low-income students, maybe even change Illinois' flat tax into a graduated one. In the end, none of that happened.

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Statehouse
4:37 pm
Wed April 9, 2014

S&P: Next Two Months 'Critical' For Illinois Finances

Credit Brian Mackey/WUIS

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.

Like most of the big credit rating agencies, Standard & Poor's has been bearish on Illinois finances — lowering the state's credit rating four times in recent years.

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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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Illinois Issues
12:00 am
Mon April 1, 2013

Trouble on the Horizon: Tax Increases Set to Expire in 2015 Raise the Sepctre of Even Greater Cuts

 

“We have an impossible situation. If we solved pensions, then we would be looking at only $6 billion worth of debt with a dramatic drop of revenue taking place in 2015. That’s the best-case scenario.”

Kent Redfield,
emeritus political science professor 
at UIS

As lawmakers spend countless hours debating gun control measures and changes to the public employee pension systems, the next potential budget disaster in the state is on its way. 

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