Pritzker wants tax hikes despite growing Illinois revenue

Pritzker wants tax hikes despite growing Illinois revenue

‘Illinois budget’ and ‘extra revenue’ don’t go hand to hand but this is the case now.

It was shocking for Lawmakers and Gov. J.B. Pritzker that the state’s income tax was $4 billion for the month of April.

The reason for the shock is that this is 38% more than the previous year. It is $1.5 billion more than they were projecting.

This is the reason why House Republicans are wary why Pritzker and his fellow Democrats want to increase the taxes even further.

Pritzker and Democrats are controlling the House and Senate.

The most prominent person leading the charge against the tax hikes is GOP House Minority Leader Jim Durkin.

He is targeting Pritzker’s approach to change income-tax collection to a graduated structure. This approach of Pritzker will make the wealthy pay more money.

Jim Durkin is not targeting that plan alone. He is also opposing Pritzker’s plan to impose tax on plastic bags, increase duties on cigarettes and vaping materials along with other plans as well.

Durkin says that there is no need to impose new taxes on the people. He says that the state has enough balance to work out things without the need of new taxes.

Pritzker had taken charge of office at a time when Democrats and Republicans had locked horns for about four years regarding taxation and budgets.

There was two-year budget standoff which meant that court expenses had risen and other necessary things had to take a cut.

A $15 billion due bill was reduced to $6.6 billion by taking more debts. The state owes about $137 billion to its five pension systems.

Pritzker wants to balance the sheets by making the rich pay more tax money which could result in further $3 billion generated.

Only issue is that it would require voter’s approval and if approved, it would take effect from 2021.

Staff writer for the Chicago Morning Star

Related Posts
Recreational Cannabis Sales’ Taxes Collects $52 Million
Illinois has collected $52 million in the first six months of the year from taxes
Progressive Income Tax Amendment; Lawmakers Finalize Arguments
Illinois lawmakers finalize arguments for and against progressive income tax amendment to be sent to
Illinois offers free tax preparation assistance to low-income and senior citizens
The low-to-moderate income families and seniors living in Illinois are getting an opportunity to file
Pritzker’s graduated income tax polled
Gov. Pritzker’s proposal for Illinoisans to adopt to the graduated income tax is going to
IDOR begins accepting 2019 individual income tax returns on January 27
The tax filing season for the year 2020 will begin on Monday, January 27, 2020.
Chesney: Rural Illinois “Not Forgotten” when it comes to higher taxes and fees
It’s no secret that much of rural Illinois, the vast region of Illinois outside of
Dozens of energy drink and juice factories closed in Saudi Arabia
The Saudi government has implemented 50% taxes on the energy drinks and other sweet juices.
Rep. Joyce Mason urges Pritzker to sign Senate Bill 1300
Rep. Joyce Mason of D-Gurnee (61st Street) supported the pension reform and property tax relief
Illinois battles over fair tax in city, Illinoisans agree on fair tax
The battle of getting fair tax is on in Illinois. JB Pritzker, the governor of
Chicago Judge spikes a suit filed against TIF program
A Circuit Court judge of Cook County has spiked a suit filed against a tax-increment-financing