Corporate Tax

No tax hike, no corporate tax break within the tight finances of Illinois Nationwide Information



In this still from a video, Illinois Governor JB Pritzker presents a remote version of his annual State of the State and Budget addresses from a pavilion at the Illinois State Fairgrounds on Wednesday, February 17, 2021, in Springfield, Illinois . Pritzker Soaked in Illinois history, the site was chosen to commemorate that in 1918 it was an overflow field hospital for victims of the Spanish pandemic flu, which became one of the largest COVID-19 vaccination centers in the state as of Wednesday.


HONS

By JOHN O’CONNOR AP Political writer

SPRINGFIELD, IL (AP) – Governor JB Pritzker on Wednesday tabled a leaner state budget that, instead of increasing income tax, relies on transfers from other state accounts and the removal of hundreds of millions of dollars in corporate tax breaks.

Pritzker, a man devoted to, and sometimes guided by, the history of Illinois held a combined state and budget address at the Illinois State Fairgrounds. There he awakened the echo of the field hospital, which was set up in 1918 to care for overflow victims of the Spanish flu. It is now one of the largest coronavirus vaccination sites in the state.

Primarily because of the pandemic, Pritzker proposed an operating budget of $ 41.6 billion for the fiscal year beginning July 1 – a decrease of 4.2% from its predecessor.

“I had bolder plans for our national budget than what I will be presenting to you today …” said Pritzker at the beginning of his third year in office. “But all of our families have had to make difficult decisions over the past year.” likewise the state government. “

Opponents have reason to be skeptical. The proposal is a far cry from the terrible predictions made last fall by members of the government who advocated Pritzker’s top priority – a tiered income tax that hit the rich harder. The government claimed that without the change, which was handily rejected, government spending would require a tax increase for all payers or flat rate reductions of up to 20%.

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