tax increase

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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