Illinois Governor Pat Quinn fled the state’s Capitol building through the basement after a lengthy day of debating a rescue plan for the troubled state, according to CBS Chicago.
Illinois is considering raising the state’s income tax by 75% as part of its financial reform package.
The reform is key to Illinois balancing its budget and avoiding further debt market stress.
The state’s current government is attempting to rush through income tax reforms prior to the new assembly being sworn in later this week.
The proposed tax increases from the Democrats from CBS Chicago:
- An increase in the income tax from 3% to 5.25%, to decline in four years time
- A dollar increase in the cigarette tax, doubling the current tax
Illinois’ budget deficit may rise to $15 billion this year.
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