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McSweeney files bill to repeal Illinois House’s permanent income tax hike

Jake Leonard by Jake Leonard
July 4, 2017
in Business & Lifestyle, Business News, Decision 2018, Financial News, Illinois, Illinois Legislative Watch, Life & Style, Local, Politics
Reading Time: 2 mins read
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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.

State Representative David McSweeney (R-Barrington Hills). McSweeney voted against the proposed tax hikes in the amount of $5.4 billion Sunday and filed a bill to repeal Senate Bill 9 should it get signed by Republican Governor Bruce Rauner. (Courtesy photo)

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
Website | + posts

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.

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Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

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