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More Income Tax Talk in Springfield
(IRN)-The puzzle pieces to fix Illinois' financial problems include increasing the income tax. State Senate President John Cullerton said Thursday night he, House Speaker Mike Madigan, and Governor Pat Quinn have agreed on an outline that includes several parts.

The personal income tax, now 3 percent, would go up to 5.25 percent for four years, then drop to 3.75 percent. Cullerton says if the temporary portion of the increase were to be made permanent, it would be the decision of future General Assemblies.

Cullerton says if it passes, the package, which also carries a $1 increase in the tax on a pack of cigarettes, would allow Illinois to balance its budget, get money to schools, provide property tax relief, and get caught up on its bills.

The current General Assembly expires after Tuesday, so time is limited.

(Source: Illinois Radio Network)
01 07 11 by Newsroom
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