Tax Hike on the Horizon for IL?
Newly seated Illinois Governor Pat Quinn was out stumping this weekend to boost public support for his balanced budget plan. The Governor is calling for an income tax hike that he believes is necessary to maintain the services state residents rely on. Gov. Quinn said:
"If we don't get the budget that we need that's decent and fair and reflects the values of Illinois within a very short period of time -- I would say a week or so -- I'm going to lay out the consequences of the legislature's failure to provide revenue for our state and for our budget,"
State legislators have sent the Governor a spending plan for 2010, but have yet to sign on to his proposed tax increase to fund their spending. Illinois' budget year starts on July 1. Read more in this article from the Chicago Tribune.
Most states are facing similar difficult choices with respect to their budgets this year. What steps is your state taking close budget gaps? Cutting expenditure, raising taxes and fees, both? What makes since in the short term and will help promote long term economic growth? Leave a comment with your thoughts.
We'll dig deep into this issue at the 2009 ACCE Convention in Raleigh. Join us on on Friday, July 31 at 2:45 pm for State Budgets and Their Impact on Local Communities, an issue forum featuring guest speakers from the Council on State Taxation, The Rockefeller Institute and the Kentucky Chamber.