Term limits were once a key component of GOP plans to dismantle Illinois’ corrupt political machine, but Republicans in Springfield have thrown in the towel on this reform.
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.
Progressive tax proposals by Illinois Democrats would punish those in Illinois’ middle class who earn $50,000 or more and make the state even less competitive with its neighbors.
Despite $30 billion in extra tax revenue, the politicians who passed Illinois’ 2011 income tax hike failed to solve Illinois’ pension crisis or pay off the state’s bill backlog.
While major headlines broke over news that Chicago was the only one of America’s largest 20 cities to shrink from July 2015 to July 2016, most of Illinois’ other cities with 50,000 people or more also lost population.
A bill that would apply term limits to legislative leaders in the Illinois House and Senate cleared a major hurdle May 19, and is scheduled for a second reading May 22.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.