|Rep. Joe Sosnowski
ROCKFORD— On July 6, 2017, the State House of Representatives overturned Governor Bruce Rauner’s veto of a 32% permanent state income tax hike and $36.5 billion spending plan by a vote of 71-40. These bipartisan veto overrides were supported by 14 Republicans and 57 Democrats ending the more than 2-year budget impasse.
“It is very unfortunate that Springfield passed yet another massive tax increase, this time permanent, which will continue to drive businesses and taxpayers out of our state,” said State Representative Joe Sosnowski. He added, “In 2011 Illinois decided to temporarily raise its income tax to deal with its fiscal mismanagement rather than implement structural reforms and spending reductions. In response, outward migration skyrocketed. When people move they take their income and talent with them. This budget relies on the same broken policies that have destroyed our state for years.”
Policymakers work in Springfield may not be done. A pending credit downgrade to junk bond status is looming. Moody’s Investor Service has warned that even with the implementation of this budget Illinois may not be able to avoid junk bond status. The rating agency indicated Illinois has not implemented sufficient reforms to address the billions in backlogged vendor payments and ballooning pension liabilities. Moody’s review of any bond rating changes is expected to be released in the next 30 to 90 days.
Rep. Sosnowski responded, “Illinois desperately requires solvent solutions to its escalating interest and debt liabilities through a combination of reforms and reductions. I will continue to work with my colleagues to implement economic and regulatory reforms that will allow Illinois’ taxpayers and businesses to prosper.”
For more information please visit www.joesosnowski.org, or contact State Rep. Joe Sosnowski at (815) 547-3436 or by email at firstname.lastname@example.org.