Illinois lawmakers got their first look at Governor Pat Quinn’s $53 billion budget proposal during the week, a plan consisting of tax hikes, changes and raids to the state pension system, and increased state spending.
Senator Tim Bivins said the primary component of the Governor’s plan consisted of a 50 percent increase in state income taxes. The $3 billion tax hike, if passed, would be the largest tax increase in Illinois history – three times larger than any other major tax increase ever approved.
Under Governor Quinn's plan, individuals would see their personal income taxes rise from 3 percent to 4.5 percent, while the corporate income tax rate would increase from 4.8 percent to 7.2 percent. Although the Governor increased the personal exemption on income taxes to $6,000, most Illinois taxpayers would see a tax increase – single taxpayers making more than $16,000 annually and families of four with annual household incomes exceeding $61,000.
Illinois citizens interested in seeing how they would fare under Governor Quinn's plan can visit http://budget.illinois.gov/taxcalculator.htm to calculate how their tax bill would be impacted." /> Skip to Main Content
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