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IN ILLINOIS, INCOME TAXES, AND OTHER FEES, LIKELY HEADING UP - SUBSTANTIALLY!

INCOME TAX RATE WOULD JUMP 50% - TO 4.5% FOR INDIVIDUALS, 7.2% FOR CORPORATIONS!

Taxes!  Typically, they don't fall, on a regular basis, anyway.   Here in IL, to close a projected $10.5 Billion projected budget shortfall by 2010, a hefty 50% income tax increase will help fill the void.

As summarized in a story by Chicago Tribune Reporters Ray Long and Rick Pearson, certain higher fees are also proposed to generate revenue for the State of IL at a time when the economy has created a sizable drop in revenue from other taxable sources. 

New Illinois Governor Pat Quinn, who replaced ousted IL Governor Rod Blagojevich last month, forecasts a 4.2% drop in state sales tax revenues for the IL Fiscal Year beginning in July.   He foresees a 22% decline in corporate tax receipts, and a falloff of 2% in income tax revenues unless the new tax structure is enacted.

To cushion the blow of higher income taxes on low and moderate income IL workers, however, Governor Quinn proposes an increase in the individual personal exemption, from the current $2,000 level, to as high as $6,000.  That move, along with the higher income tax levy, would result in an annual tax increase of about $285 for a family of four earning $75,000.

The IL Governor is also proposing a 10-day tax moratorium, in August, on back-to-school supplies and clothing.  There would be no increase in the state's tax on gasoline - currently 19 cents per gallon.

Illinoisans, especially those in and around the City of Chicago, have felt the bite of increased taxes very recently.  Last year, Sales Taxes in Cook County, the county in which the City of Chicago is located, skyrocketed to a nation's-highest 10.25% against a backdrop of massive deficits in county and mass transit budgets.

Quinn also proposes boosting IL License Plate Sticker Fees, which would rise to $99 beginning July 1st.  The fee for renewing a driver's license would jump to $20 for three years, from the current $10.

He is also proposing a boost in cigarette taxes, from the current 98 cents per pack, to $1.48 beginning in July, and to $1.98 beginning in July, 2010.

Governor Quinn will announce his proposals in his first Budget Address in the State Capitol of Springfield IL on Wednesday.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Tuesday, March 17, 2009 8:55 PM by Dean's Team

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