March 18, 2009
Current deficit: $11.6B
Gov Pat Quinn's proposal:
No tax change families of 4 making < $57K.
Lower income families: personal exemption icreased from $2K - 6K
Individual income tax: 3 - 4.5%
Corporate Income tax: 4.8 - 7.2%
Expected to generate $3.1B
Money would be kept by the state
4-yr driver's license: $10 - $20
Basic license plate: $70 - $99
Land of barry temporary license plates $60
Increase vehicle title fee for infrastructure and job development:
"Illinois Jobs Now!" $26 billion public works program that he said would create 340,000 jobs over several years.
$18.6 billion in transportation projects, including road repair and mass transit, and 10 percent of the new income-tax revenue would pay for school construction and unspecified "economic development" projects.
To help pay for indigent medical care:
Cigarette tax $0.98 - $1.38
$1.38 - $1.98 following year
Liquor? Firearms and ammunition?
Increase funding by $174 to schools
Refinancing state debt -> save as much as $500M during fiscal year ending June 30, 2010.
Source: Chicago Tribune's RAY LONG & RICK PEARSON
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