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02/05/2009

Update on the Budget Mess

   Following up on the earlier post, Governor Quinn said today that "an honorable person and an honorable state pays its bills" and does not "run away from its responsibilities".   It sure sounded like deficit-ridden Illinois under his administration would not pull a California-style "sorry, you'll have to wait for your state income tax refunds".  That's the good news.  The bad news is that Quinn would not rule out an increase in either the state income tax or an 8 cents a gallon hike in the gasoline tax.

  Jim Tobin of the anti-tax National Taxpayers United of Illinois says the governor and the democrat leaders of the state house and senate want to raise the state income tax rate from three to five percent of your paycheck. (That would actually be a 67% increase over what you now pay).  Senator James Meeks of Chicago, who supports an increase, says senate bean counters estimate the higher levy (5%) would raise about $8 billion dollars in new revenue.

  All of this should be resolved in the next six weeks.  Governor Quinn promises a budget address on March 18th, when he will reveal his plan to fill the $9 billion hole in the Illinois budget.

 

Comments

So Charles... Have I been away too long that the naming of the new Lt. Governor simply wisked past me? Is there a new Lt. Governor? How was he/she named without a public vote? Maybe under the circumstances a Lt. Governor replacing an impeached governor can name his own incoming Lt. Governor? I do not know these things, but it certainly has otherwise been an educational experience... these past number of weeks.

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