Tag Archives: income tax

No other state has successfully raised income taxes to balance its 2011 budget. The Illinois tax increase would push the personal income tax rate from 3 percent to 5 percent. Illinois Gov. Pat Quinn speaks with reporters in his office at the Illinois State Capitol in Springfield, Ill., Wednesday, Jan. …

The proposed state tax deal would temporarily raise the personal income tax rate for the next four years from 3 percent to 5.25 percent. It would also increase the corporate income tax rate from 4.8 percent to 8.4 percent and boost the state’s cigarette tax by $1 to $1.98, which …

$15B DEFICIT | Cites doubts about gambling package November 8, 2010 BY DAVE McKINNEY Sun-Times Springfield Bureau Chief SPRINGFIELD — A gambling package that could raise $1 billion annually for the state appears “top-heavy” and should take a back seat in the upcoming fall veto session to raising the income …