02/14/2018 | News release | Distributed by Public on 02/14/2018 17:32
Posted on Wednesday, February 14, 2018
The Illinois General Assembly's top priorities this legislative session must be to pass economic reforms and a balanced budget, said State Senator Paul Schimpf (R-Waterloo) following Governor Bruce Rauner's Budget Address at the Illinois State Capitol in Springfield.
'Today's budget proposal should be a wake-up call to anyone who thought we could achieve fiscal stability by simply raising taxes,' said Schimpf. 'The increased infrastructure and education spending that Illinois needs requires economic growth to generate the necessary funding. I hope the General Assembly will not repeat last year's mistakes. This spring we need a budget that is truly balanced, accompanied by pro-growth reforms.'
While the General Assembly did pass a budget last year which ended a two year budget impasse, it was $600 million out of balance and the FY18 budget plan permanently raised the personal income tax rate from 3.75 percent to 4.95 percent, and the corporate income tax rate from 5.25 percent to 7 percent.
Eight for '18'When I announced my 2018 legislative priorities at the end of January, I grouped them into three categories: creating jobs, cutting spending, and keeping promises,' said Schimpf. 'We need a combination of these three in order to make the level of changes our state needs and deserves.'
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