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Instead of enacting reforms that will help Illinois climb out of its debt, legislators passed a budget that digs a deeper hole, Rep. Ryan Spain (R-Peoria) suggested recently.
“With the worst income growth, highest outmigration, and highest net tax burden in the country, now is absolutely the worst time to raise income taxes in Illinois,” Spain said in a statement. “While this legislation increases revenue to the State, it does not address the long-term problems that got us here or the steps that will be needed to grow Illinois revenue base instead of just its revenue rate.”
The budget will increase the personal state income tax rate by 32 percent, to 4.95 percent from 3.75, and passed after the Senate and House voted to override a veto from Gov. Bruce Rauner. Spain voted against the measure and criticized it for putting a higher strain on residents and possibly contributing to the state’s outmigration.
Rep. Ryan Spain (R-Peoria)
“The only way we can grow out of these problems long-term is to increase our revenue base by attracting jobs and families back to Illinois,” Spain said in his statement. “While this bill supplements the state coffers with more tax dollars, there is far too little in the way of accompanying reforms to allow us to catch up on unpaid bills and grow our way out of this mess.”
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