The Chicago Tribune today discusses Democrats (and Republicans, although the GOP has almost no say in the legislative process) are doing to fulfill the legislative pledge of rolling back the 67% income tax hike according to the schedule in the tax hike law.
The analysis reveals that current spending must be cut over the next four years—substantially–in order to be able to pay off debt accumulated under the eight years of Democratic Party rule after Rod Blagojevich was elected in 2002.
Spending up a billion a year.
Tax revenue not.
Illinois, not surprisingly, ended up with billions of dollars in bills that could not be paid.
And, there was also that retired public employee pension payment problem. Promises made (to me, among others) and presumably guaranteed by the 1970 Illinois State Constitution…at least as long as State Supreme Court Justices are in such a pension system.
National Taxpayers United of Illinois President Jim Tobin makes a persuasive argument that all of the 67% income tax proceeds will go to pay those pension obligations.
The Tribune article has a quote from local State Rep. Mark Beaubien (R-Barrington Hills). The Republican is a budget negotiator, one step below House Minority Leader Tom Cross. Here’s what he told the Tribune reporter:
“Anybody who believes we are going to ever eliminate that tax (increase) better think again. We’re not going to ever eliminate that tax…We need the money.”
Cross, who appointed Beaubien says this:
“There’s a path there to not continue the tax increase. We feel pretty good about that.”