Illinois Income Tax May Jump 50 Percent
Joanie Lum
CBS 2 Chicago
March 13, 2009
Income taxes in Illinois could soon be going up by as much as 50 percent to combat deficits in a difficult state budget.
[efoods]As CBS 2′s Joanie Lum reports, Gov. Pat Quinn is reportedly considering raising taxes to deal with a growing budget deficit.
Quinn has been hinting about the problems in the state budget this year for some time. He gives his first address on the subject next Wednesday, and there is word that income taxes will go up as 50 percent.
The Chicago Tribune reports that Quinn wants to raise the state income tax to 4.5 percent from 3 percent.
Illinoisans have had a lower income tax rate than other states for some time. This would be the first increase in 20 years.
In addition, some business tax breaks would be eliminated, and Quinn promises to tighten state government spending.
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