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Illinois House Speaker calls for hike to income tax rate

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Illinois House Speaker calls for hike to income tax rate

SPRINGFIELD, Ill. (AP) – House Speaker Michael Madigan says the state’s income tax should be restored to the 5 percent level it was at until January. The Chicago Democrat told a City Club of Chicago crowd that the state’s multibillion-dollar deficit demands a tax hike. A four-year, temporary increase from 3 percent to 5 percent […]

Illinois House Speaker calls for hike to income tax rate

SPRINGFIELD, Ill. (AP) – House Speaker Michael Madigan says the state’s income tax should be restored to the 5 percent level it was at until January.

The Chicago Democrat told a City Club of Chicago crowd that the state’s multibillion-dollar deficit demands a tax hike.

A four-year, temporary increase from 3 percent to 5 percent expired last winter with the blessing of incoming Republican Gov. Bruce Rauner. It dropped to 3.75 percent.

Madigan says the 5 percent level would be a “good place to begin.”

Democrats are locked in a standoff with Rauner over a state budget which should have taken effect July 1. They want a tax increase and spending cuts to address a multibillion-dollar deficit.
Rauner wants far-reaching changes to improve the business climate which Madigan calls “extreme.”

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