Tax Drop to Put More Money in Illinois Paychecks
Illinois taxpayers will have a little extra cash next year.
The temporary income-tax surcharge drops from 5 percent to 3.75 percent Thursday. The Revenue Department says a family of four with a $50,000 income will keep about $930 more in 2015.
But that also means a state budget deficit of nearly $3 billion for the fiscal year that ends in June.
Governor-elect Bruce Rauner has a stiff challenge.
Republican Rauner supported the rollback. Vanquished Democratic Gov. Pat Quinn wanted it made permanent.
Now Rauner says he's finding state finances are worse than he had anticipated.
Rep. Barbara Flynn Currie is the Democrats' No. 2 in the House. She says state obligations can't be met without the additional revenue.
That could mean lawmakers will eventually increase the tax rate again.