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House Speaker Madigan favors making income tax increase permanent
By Jim Hagerty
Illinois House Speaker Michael Madigan (D) says he will call a vote this spring in favor of making Illinois Gov. Pat Quinn’s income tax increase permanent.
Madigan’s announcement came Wednesday, March 26, after Quinn urged lawmakers, during his fiscal year 2015 budget address, to keep the 5 percent tax hike he signed three years ago. Quinn signed the law in 2011 with hopes the increased revenue would help a cash-strapped Illinois.
“If we wish to continue to provide the level of services which we’ve become accustomed to for education and other purposes, then the income tax increase should be extended,” Madigan said.
Quinn also wants to give homeowners a $500 property tax refund.
The existing 5 percent income tax increase expires at the end of the year, when it would revert to 3.75 percent. If that happens, Quinn said, the state would be hit with a more than $1 billion budget shortfall.
Madigan is also backing a plan that would tax Illinois’ millionaires to raise $1 billion to fund public schools. Under the plan, those who earn $1 million or more per year would be taxed 3 percent over the state’s flat income tax rate.
Posted March 27, 2014