State of Illinois Capital Markets Presentation
15
Basic Options for Addressing the State's Fiscal
Challenges
Option 1: Across the
Board Cuts
Illinois would cut its
discretionary
spending by 15
percent. Discretionary
spending includes:
K-12 education
Universities and
community
colleges
ā State Police
Social service
agencies
Option 2: Flat Tax
Increase
Illinois would raise the
flat tax rate from 4.95
percent to 5.95 percent
- meaning that every
family in the state
would pay higher
taxes.
Option 3: Fair
Income Tax
Illinois would change
its system so the
wealthy pay more,
like in 33 other states.
97 percent of
taxpayers would have
a lower tax bill, while
those making more
than $250,000 would
pay more and
generate $3.4 billion
in additional revenue.
Source: Governor's Progressive Income Tax Proposal Address
AL OF THE STAT
OF ILLIN
AUG. 26 1818View entire presentation