By Doug Finke
Jan. 8, 2014
A new report from Gov. Pat Quinn’s budget office shows the state facing massive cuts in spending and a huge increase in its bill backlog if the temporary state income tax is allowed to expire as scheduled next year.
Pat Quinn
(Photo curtesy teapartypatriots.org)
The three-year forecast, which the office is required by law to produce annually, shows spending outpacing revenue by $4.6 billion in three years. It also shows the state’s bill backlog growing to a projected $16.2 billion.
“It shows the challenge ahead with the expiring revenue,” said Quinn’s budget spokesman Abdon Pallasch. “It shows the need to develop a solution that will allow the state to continue to pay down its bills and protect education and public safety services from radical budget cuts.”
The report, though, does not recommend solutions to the expiration of the income tax increase. Quinn himself has refused to take a stand on whether to extend the tax.
Lawmakers raised the income tax by 67 percent in 2011. The rate on individuals went from 3 percent to 5 percent.