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Group: Tax Increase Equals Less Business in Illinois
An increase in the state income tax would drive employers away from the state according to Jim Tobin, president of the Illinois Taxpayer Education Foundation.

Tobin says if the personal income tax is increased, an increase in corporate income tax would follow.

He says lawmakers in Springfield are plotting to raise the personal income tax 67 percent and the state corporate tax from 7.3 percent to 10.5 percent. Tobin says that would make it the second highest in the nation and would drive away 100,000 jobs.

Tobin blames state pensions for the budget shortfall saying that there are currently $70 billion in unfunded pension liabilities. He says almost 4000 state and local government employees receive over $100,000 in annual pension benefits. He believes pension reform is the only way out of the state's budget crisis.

Tobin says a "temporary dip" in revenue is no reason to "permanently cripple our state's economy."

(Illinois Radio Network)
03 06 09 by Newsroom
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