Oberweis cautions that proposed tax hike will only 'accelerate the exodus' from Illinois
Republican state Sen. Jim Oberweis (R-Sugar Grove) asserts that a current proposal that would raise taxes in Illinois by as much as $8 billion is a surefire way of adding to rather than abating the state’s fiscal crisis.
“We need more emphasis on spending reductions,” Oberweis said in a statement. “This kind of large tax increase would just accelerate the exodus of people and jobs from Illinois.”
The tax increase proposal has the backing of the Commercial Club of Chicago, a civic committee that also endorses cutting spending and reforming the pension system as part of its overall plan to rescue the state from its financial woes. According to the Chicago Tribune, among the specific tax increases being proposed are the state’s individual income tax rate, which would jump to 5.95 percent from 4.95 percent, and the corporate tax rate, which would rise to 8 percent from 7 percent. Tax retirement income and certain consumer services would also be targeted for taxation.
The plan also calls for state employees to pay more for health costs, and collectively is pegged to generate around $6 billion in annual revenue. Oberweis has other ideas.
“The eligibility level for Medicaid must be reduced and the crushing cost of public-sector pensions must be negotiated,” he added.