Republicans Unveil Plan for Reality Based Budgeting
The Problem
Taxpayers are stunned to learn that the massive lameduck
tax hike, passed in January 2011, does not fix the
state’s budget problems. When the tax increase was
passed in the middle of the night, Republicans warned
increasing taxes without controlling spending would
only lead to deeper deficits and higher taxes.
Despite the
67% income tax
increase, the state
is on a path that
will result in an
annual deficit of
$8 billion and a
cumulative deficit
of more than $22
billion in five
years.
A review of spending and revenue confirms the trend
and makes it apparent that it will take from $4 to
$6 billion in additional spending reductions to the
Governor’s proposed budget in order to put the state
back on track.
The Solution
Approximately $5 billion in spending reductions and
economic expansion will allow lawmakers to restore
the income tax to historical levels. This includes a
phased-out repeal of the personal income tax increase,
elimination of
the corporate tax
increase to spur
economic growth,
elimination of the
Death Tax increase
and eliminating
the tax increase on
business losses.
How You Can Help
Contact Legislators
See the Full Plan
Illinois Government needs to live within its means. from IllinoisRealityCheck.com on Vimeo.
