Madigan: Budget Vote Helps with Tax Increase
SPRINGFIELD, Ill. (AP) – Illinois’ powerful House speaker says a vote on Democrats’ 2015 budget will help build support for an extension of the state’s temporary income tax increase.
Michael Madigan made the comments at the state Capitol Wednesday. He spoke after Democratic lawmakers in the House began advancing a budget plan mirroring the $38 billion budget Gov. Pat Quinn outlined in March, which keeps current tax rates in place.
The state’s income tax is scheduled to roll back in January, dropping from 5 percent to 3.75 percent. That would cause an estimated loss of at least $1.6 billion in revenue next year.
Madigan says the budget will “set the bar” and help convince undecided members to vote for the tax increase.
It could be voted on as early as Thursday.
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