The Illinois Department of Revenue issued details on how to comply with the state’s increase income tax, signaling the reality of higher taxes for Illinoisans.
The House will need 71 “yes” votes to override Gov. Bruce Rauner’s veto of a permanent 32 percent income tax hike. The July 2 vote to pass the tax hike received 72 yeas.
The Illinois General Assembly passed a budget, including the largest permanent tax hike in state history, without structural spending reforms. Gov. Bruce Rauner vetoed the plan on Independence Day, and the Senate voted to override the governor’s veto. The package now heads to the House for an override vote.
The Illinois House on July 2 passed Senate Bill 9, which includes a 32 percent income tax hike. State Rep. David McSweeney filed a bill that would repeal that permanent tax hike should it become law.
More than a dozen Republicans joined House Democrats in passing a budget that includes a massive tax hike and no structural spending reforms. Gov. Bruce Rauner said he would veto the plan.
House Floor Amendment No. 2 to Senate Bill 9 would permanently increase the individual income tax rate to 4.95 percent and the corporate income tax rate to 7 percent, but would not expand the state sales tax to services.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.