From AP - News Headlines -

Illinois Tax Plan Undergoing Last Minute Changes

The proposal that could come up for a vote Tuesday would have a slightly lower income tax hike of 67 percent, compared to 75 percent that was announced last week.

The corporate rate would also see less of an increase. Much of the tax hike would be temporary as the state tries to dig itself out of a massive budget deficit. Cigarette taxes, property tax relief and spending caps are also part of the discussion.

Democratic leaders want to beat a Wednesday deadline. That's when a new General Assembly is sworn in with fewer Democrats, meaning passage of a tax hike would likely be more difficult.

Categories: Economics, Government, Politics