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Quinn Gives Budget Address; Gives Opportunity for Tax Increase -- AUDIO AVAILABLE HERE
Gov. Pat Quinn is offering lawmakers an opportunity to raise the income tax.

The budget proposal the governor submitted to lawmakers does not contain a tax increase. But in his speech Wednesday heard live on WGIL, he said a tax increase of 1 percentage point would offset $1.3 billion in cuts to schools and the layoff of 17,000 teachers. The $1.3 billion represents 17 percent of state aid to schools in this year's budget.

He characterized the proposal as a "1 percent income tax surcharge for education" which would benefit public primary and secondary schools, community colleges and four-year state universities.

"I believe this 1 percent for education makes sense, and I think the people of Illinois will understand," Quinn said in his speech. "We must invest in the future, even in tough economic times."

Quinn didn't detail whether this surcharge would be temporary or permanent, or how much revenue he expects it to produce, and whether there would be any exemptions.

The budget proposal makes a total of $2 billion in cuts, counts on $4.7 billion in borrowing, and $6 billion in deferring payments in order to cover a deficit projected at $13 billion by the end of next fiscal year.

To download the entire budget address, CLICK HERE (mp3 format, approximately 20 minutes long).

(Illinois Radio Network/WGIL News)
03 10 10 by Newsroom
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