Quinn: Income Tax Proposal Will Put “Higher Tax Burden” on Many IL Residents
Governor Pat Quinn says some Illinois residents will have a "higher tax burden'' when he announces his state budget plan next week to fix a deficit now estimated to be up to $11.5 billion.
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.
Quinn wouldn't give specific details Friday on the income rate or personal exemption levels he plans to propose. But he did give a hint about who would be affected by any tax increase. The governor says a family of four making less than about $57,000 a year won't see its taxes go up. The less money people make, he says, the more of a tax cut they'll see. Aides say Quinn will also propose about $850 million in new budget cuts.
Meanwhile, aides say the Illinois budget deficit is even worse than previously thought. Instead of $9 billion, they now estimate the gap at $11.5 billion. That's the combined total for this budget year and next, assuming revenues keep falling and expenses keep climbing.