Our view: Don’t break tax promise
After they rammed it down our throats in January 2011, Gov. Pat Quinn and others promised that most of the state’s 67 percent income-tax increase would last only for a little while.
The increase in Illinois’ flat personal income-tax rate from 3 percent to 5 percent was supposed to roll back, falling to 3.75 percent in 2015 and 3.25 percent in 2025. The corporate income-tax rate, which increased from 4.8 percent to 7 percent, was to fall to 5.25 percent in 2015.
This increase, which takes about $1,000 more a year out of the pockets of working families depending on their income, was supposed to be a stopgap, something to buy time while our leaders came up with more permanent solutions to our state’s pension crisis.
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