Out of respect to Illinois taxpayers, the General Assembly’s top priority this legislative session must be to pass a true, balanced budget, said State Senator Dan McConchie (R-Hawthorn Woods).
While the General Assembly did pass a budget last year to end a two year budget impasse, it included the largest permanent income tax hike in state history and is still $600 million out of balance. The FY18 budget plan permanently raised the personal income tax rate from 3.75 percent to 4.95 percent, and the corporate income tax rate from 5.25 percent to 7 percent.
“This fiscal year’s budget was sold to us as a balanced budget, when in actuality, it overspends by more than half a billion dollars, even after raising taxes at a record level,” said Sen. McConchie. “The fact that the state raised the income tax rate by 32 percent and still couldn’t balance the budget is shameful. The General Assembly and the Governor cannot let this happen again.
“Illinois hasn’t had a balanced budget since 2001. Instead, the legislature fails, year after year, to rein in the out-of-control spending. This spring session, those of us in Springfield need to take a hard look at whether this is the path we want to keep heading down.
“On Wednesday, I hope the Governor will present the General Assembly with a true, balanced budget that reduces spending and forces the state to live within its means. I’ve had enough with the status quo, and I now the constituents that I represent have too.”