Lawmakers will not be taking the lead on what to do when the income tax increase expires. The tax increase of 2 percentage points that took effect in 2011 will expire at the end of 2014. Illinois Senate President John Cullerton (D-Chicago) says he’ll leave it up to the candidates for governor to debate what will happen to the state budget then.
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“When folks run for governor, cross-examine them, and ask them what their plan is for the taxes, and how they expect to have a balanced budget and still provide (for) the needs that are so important for all of us,” he said in a speech today (Monday) to the City Club of Chicago. Cullerton says the candidates’ numbers have to add up. The amount of money in question is about $5 billion per year, so the promises will have to involve spending cuts or revenue increases that total $5 billion once the tax increase expires.