Past Due: Budget Deal Could Bring Tax Increase
Illinois Gov. Bruce Rauner, right, reaches to shake the hand of House Speaker Michael Madigan, D-Chicago, left, after delivering his first state of the state address at the Capitol in Springfield, Ill. (AP Photo/Seth Perlman, File)
Almost every time House Speaker Michael Madigan speaks to the press lately, he says that the state's estimated $6 billion deficit cannot be addressed through cuts alone. Gov. Bruce Rauner has said he is open to new revenues, but he will not discuss the issue until lawmakers approve some of his business-friendly agenda.
Democratic lawmakers and Rauner do not appear to be close to a budget deal. But if they can work out their differences, they will likely be looking for more revenue to help close the state's massive budget deficit. That could mean higher taxes for you.
On this week's Past Due podcast, Jamey Dunn talks with U of I law professor Richard Kaplan about some of the taxing options that could come up for consideration.
Links
- If Americans Really Understood the Income Tax: Uncovering Our Most Expensive Ignorance
- Millionaire Tax Proposal Fails
- Illinois Lawmakers Split Over Property Taxes
- Budget Cuts Or More Taxes? Groups Don’t Agree On Solution For Illinois’ Financial Woes
- Why Is Tax Reform So Difficult?
- Rauner Defends Business Tax Breaks While Slashing Social Services