Much of the state’s obligations have been covered through piecemeal appropriations measure, court orders and consent decrees but there’s still another $6 billion of spending that hasn’t been approved and there needs to be an income tax increase. That’s according to House Speaker Michael Madigan, who continues to call on a balanced approach to the budget.
During a question and answer session at the City Club of Chicago Wednesday Madigan said funding for some social services has not been covered, something Madigan says is a crisis. Meanwhile the Speaker said a good place to start on revenue is to put the tax rate back to what it was before the beginning of the year, at 5 percent for individuals. The rate for individuals now stands at 3.75 percent. Madigan later released a statement saying he supports a combination of a tax hike and budget cuts, but currently there is no legislation pending to raise the income tax rate.