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Illinois to push forward with tax vote as coronavirus crisis roils state economy

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Illinois to push forward with tax vote as coronavirus crisis roils state economy

By Adam Shaw | Fox News

Illinois Gov. J.B. Pritzker indicated Wednesday that he intends for the state to continue with a vote on a planned income tax hike for top earners this November, as he warns the budget could face yawning deficits due to the coronavirus crisis.

“This is a public health crisis, but it is accompanied by massive economic disruption that’s unprecedented in modern history,” Pritzker, a Democrat, said in a statement. “Illinoisans are all too familiar with the pain the lack of a state budget can cause, so let me just say up front: we will not go without a state budget.”

Pritzker said in the update that because of the unexpected loss of revenues, the deficit for fiscal 2021 in the state is expected to be $6.2 billion. But he warned if the constitutional amendment to move the state to a graduated income tax fails, that number will be above $7 billion.

Illinois currently has a flat tax of almost 5 percent in place, but Democrats have been pushing to shift the state over to a progressive graduated income tax that would mean those earning less than $250,000 would see slight tax decreases, while those earning more than $250,000 would pay higher taxes.

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https://www.foxnews.com/politics/illinois-tax-coronavirus-crisis

   

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