SPRINGFIELD (Heartland Newsfeed via Illinois Policy) — One day after his chamber passed a 32% income tax hike on Illinoisans, state Rep. David McSweeney (R-Barrington Hills) filed a bill that would repeal that tax hike should it become law.
The House passed Senate Bill 9 Sunday with fifteen Republicans voting in favor, which increases the personal income tax rate to 4.95% from 3.75% and hikes the corporate income tax to 7% from 5.25%, both considered an increase of 32%. McSweeney’s bill would repeal both of these tax hikes if SB 9 becomes law, reinstating Illinois’ tax rates to their current levels and would also restore the tax rates’ 2025 sunset dates, when the individual rate was set to drop to 3.25% and the corporate rate was scheduled to drop to 4.8%.
The House’s budget package is devoid of structural spending reforms. And Gov. Bruce Rauner has said he will veto it if it passes the Senate. However, lawmakers could override that veto with a three-fifths majority in the House and Senate.
Last time Illinois lawmakers inflicted tax hikes without reforms was a disaster.
The 2011 temporary tax hikes brought in $32 billion in extra tax revenue, but the state’s unpaid bill backlog only declined by $1.3 billion (to $6.6 billion from $7.9 billion), and pension debt rose by $25 billion.
Meanwhile, Illinoisans suffered under one of the worst economic recoveries in the nation. The Land of Lincoln is now home to worst personal income growth of any state, the highest black unemployment rate of any state and record-breaking out-migration.
Rather than rely on massive tax hikes to bail out poor policy choices, state lawmakers should opt for tough medicine on spending that’s been absent for too long.
Jake Leonard, a broadcast media and journalism veteran, is the editor-in-chief of Heartland Newsfeed. Leonard is also GM and program director of Heartland Newsfeed Radio Network, wrestling editor and contributing writer for Ambush Sports, a contributing writer for My Sports Vote and Midwest Sports Network, and a former contributor to Bleacher Report and Overtime Heroics. He resides at home in Nokomis, Ill. with his dog Buster.