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Illinois Income Tax May Jump 50 Percent

 
WomanInBlack
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User ID: 605548
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03/13/2009 02:31 PM
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Illinois Income Tax May Jump 50 Percent
ov. Pat Quinn confirmed Friday that he plans to raise taxes on some Illinois families to combat deficits in a difficult state budget.

As CBS 2's Joanie Lum reports, Quinn said Friday that he plans to hike taxes for families that make more than $56,000 a year.

But Quinn contends his income tax proposal would amount to a tax cut for millions of Illinoisans by increasing the personal exemption to let them shield more income from being taxed.

He did not say exactly how much taxes would go up, but the Chicago Tribune reported Friday that he was looking for a hike of 50 percent, from a rate of from 3 percent to 4.5 percent

Quinn has been hinting about the problems in the state budget this year for some time. He gives his first address on the subject next Wednesday.

Illinoisans have had a lower income tax rate than other states for some time. This would be the first increase in 20 years.

In addition, some business tax breaks would be eliminated, and Quinn promises to tighten state government spending.

Quinn will balance the increase by raising the standard tax exemption up to $6,000 per person from $2,000, to help low- and middle-income families.

The income tax increase could bring in nearly $4 billion. The budget deficit is expected to be more than $9 billion by the summer of 2010.

Taxpayers in Chicago weren't surprised, but many said the timing is poor.

"We already can't afford to pay the taxes – people who have homes and what have you now, so it's going to be really rough," said Nadeja Borras.

"Already, the taxes are pretty high, so it could be a disadvantage for the State of Illinois," said Sara Mirarefi.

But some Chicagoans thought a tax increase might be necessary.

"I think it's about time somebody's got the guts to go in there and say, 'Hey, we have to increase taxes,'" said Jim Kauss. "We have to pay for this. it's not free."

State lawmakers are also talking about raising gasoline taxes to pay for road and bridge construction. Fees on driver's licenses and license plate stickers may also go up.

CBS 2 Political Editor Mike Flannery is talking one-on-one with Gov. Quinn later in the day.

[link to cbs2chicago.com]
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FyreSt0rm

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03/13/2009 02:32 PM
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Re: Illinois Income Tax May Jump 50 Percent
Yep, heard it on the news today

they want to raise it from 3% to 4.5%

along with chicago's 10% shopping tax
and $8.50 a pack for cigarettes
and 2.00$ + gas

AND gun laws that'll make your head spin

I wish I can leave this fucking state, it's worthless, too much corruption everywhere
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WomanInBlack (OP)

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03/13/2009 02:33 PM
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Re: Illinois Income Tax May Jump 50 Percent
I am glad I did leave.
We forfeit three-fourths of ourselves in order to be like other people.

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The Jurist

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03/13/2009 03:57 PM
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Re: Illinois Income Tax May Jump 50 Percent
Glad I corrected my nationality and I am no longer a communist chuckle

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