East Dundee lawmaker warns state 'can't tax way out of this hole'
SPRINGFIELD -- State Rep. Allen Skillicorn (R-East Dundee) is warning fellow lawmakers that Illinois “can’t tax our way out of this hole” amid talk of an $8 billion tax increase.
“First, tax hikes never go away,” Skillicorn added in a statement. “The only solution is to change the state constitution. The pension clause must be amended to protect taxpayers in Illinois.”
The veteran lawmakers cautionary words were sparked by a civic committee of the Commercial Club of Chicago proposal that the Chicago Tribune reports also calls for a slew of spending cuts and a reformed pension system as a means of finally putting the state back on solid financial footing.
Among the specific tax increases, the state’s individual income tax rate would jump to 5.95 percent from 4.95 percent, and the corporate tax rate would skyrocket to 8 percent from 7 percent. Tax retirement income and certain consumer services would also be targeted for taxation.
In all, the proposed plan, which also calls for state employees to pay more for health costs, is estimated to bring in about $6 billion in annual revenue.
The plan comes at a time when new Gov. J.B. Pritzker has talked about everything from a graduated tax to legalizing recreational marijuana and sports betting as a way of generating added income for the cash-strapped state.