Springfield, IL – Illinois Governor Rod Blagojevich is proposing the largest tax hike in state history to help pay for a variety of initiatives. The tax hike is a gross receipts tax on corporations. The governor says it will impact only 25% of the state's businesses while generating $6 billion. He calls it a "Tax Fairness Plan" that closes loopholes and helps the middle class. Republicans contend the plan will end up impacting everyone's pocketbook. Illinois GOP Chairman Andy McKenna says "While we still need to get beyond the usual smoke and mirrors to read the fine print of Governor Blagojevich's budget plan, it is clear his plan includes the largest spending, largest borrowing, and largest tax increase in Illinois history. Governor Blagojevich's plan does nothing to address the fact working families are facing skyrocketing electric rates, a lack of good jobs and rising property taxes." Blagojevich says the revenue generated by the plan would allow the state to solve its school funding crisis and provide healthcare to everyone. The money could also be used for a capital development plan. The state has lacked such a plan for four years because of a shortfall of money. Blagojevich's proposed capital plan would include money for building WIU's Performing Arts Center and for development of its new Quad Cities campus. You can listen to Governor Blagojevich's entire speech by clicking on the audio button above.
Big Plans and A Big Tax Hike
