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Quinn Offers Surcharge Specifics
When Gov. Pat Quinn sprang an income tax surcharge for education on us on Wednesday, he offered no details. Now he is talking about the specifics.

* It is a "surcharge" instead of an ordinary tax increase because the funds raised will be dedicated to education.

* Projected proceeds would be $2.8 billion.

* The 1 percentage point increase would apply to the personal income tax, raising it from 3 to 4 percent, and to the corporate tax, raising it from 4.8 percent to 5.8 percent.

* The proposal is for the tax to be permanent

* Quinn proposed an income tax increase last year coupled with an increase in the personal exemption, but this plan has no exemptions.

Quinn was asked to address the concern that this tax increase, if it were enacted, would produce funds dedicated to education the same way the lottery does: The proceeds go to education, relieving other state revenue sources to be used for something else. He said that at the moment, the state owes schools "a lot of money," so the public need not worry that the funds would go anywhere other than to primary and secondary schools, community colleges and state universities.

(Illinois Radio Network)
03 12 10 by Newsroom
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