Illinois Could Lose $5 Billion if Income Tax Rates Expire
Illinois Democrats meet Tuesday, October 29, 2013 in the Quad Cities to call for tax changes in the state.
They would like increased taxes on residents who make more than $150,000 a year. They would like taxes on people who make less than that to either stay the same or drop.
Workers from “A Better Illinois” believe the Fair Tax Act would help Illinois get out of its financial mess. The state income tax rate is set to expire in 2015. If it does, the state could lose $5 billion in revenue a year. Republicans would like to see the tax rate expire. Democrats do not.
The state also loses $5 million a day it does nothing on pension reform. Lawmakers go back into veto session again November 5th.
Democrats do not plan on getting the Fair Tax Act passed in November. Voters would have the final say on whether this particular tax goes into effect. Tuesday’s meeting starts at 4:30 at the Rock Island Library.