Our View: Don’t break promise to taxpayers
After they rammed it down our throats in January 2011, Gov. Pat Quinn and others promised most of the state’s 67 percent income tax increase would only last for a little while.
The increase in Illinois’ flat personal income tax rate from 3 percent to 5 percent was supposed to roll back, falling to 3.75 percent in 2015 and 3.25 percent in 2025. The corporate income tax rate, which increased from 4.8 percent to 7 percent, was to fall to 5.25 percent in 2015.
This increase, which takes about $1,000 more a year out of the pockets of working families, was supposed to be a stopgap, something to buy time while our leaders came up with more permanent solutions to our state’s pension crisis.
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