Springfield, IL…Illinois Governor Pat Quinn presented his annual budget for Fiscal Year 2014 (FY14) to members of the Illinois House and Senate today. State Representative Dwight Kay (R-Glen Carbon) was disappointed to learn that Governor Quinn’s budget banks on keeping the ‘temporary’67% income tax hike enacted January 2011 permanent.
“Statistics show Illinois continues to lose jobs as a result of the 67% income tax hike approved the day before I first took office in 2011,” said Rep. Kay. “Illinois needs more jobs which will generate revenue for Illinois, not more taxes. Over 570,000 people are out of work in Illinois today, keeping the 67% income tax hike permanent is not the solution for putting people back to work. Unfortunately, our Governor does not recognize that currently in Illinois jobs equal revenue and more taxes lead to fewer jobs.”
Earlier this year the House of Representatives estimated Illinois’ expected revenue to be $34.5 billion. Governor Quinn’s budget proposal spends $38.095 billion, over 3.6 billion more than Illinois’ anticipated revenue for FY14.
Pending approval by the House, Senate, and Governor, the Fiscal Year 2014 budget would take effect July 1, 2014.
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