McSweeney sees another tax hike failure in the future
Rep. David McSweeney (R-Barrington Hills) said he felt like he'd lived through efforts to raise the state income tax before.
Six years ago, then-Gov. Pat Quinn approved a measure to raise personal state income tax rates to 5 percent from 3 percent for five years, then drop them to what is the current rate of 3.75 percent.
“(Taxpayers) are going to get screwed again by Pat Quinn’s budget,” McSweeney said. “This is Pat Quinn’s budget all over again.”
Earlier this month, the House passed Senate Bill 9 despite objections from many Republicans. If passed by the Senate and signed into law, it will increase income tax rates by 33 percent: to 4.95 percent from 3.75 percent for individuals and to 7 percent from 5.25 percent for corporations.
McSweeney said the tax hike will do nothing to fix Illinois’ budget problem.
“We need, in this state, we need more jobs, and we need more taxpayers,” McSweeney said. “We need economic growth: That’s the best way to produce revenue. We need to adopt policies that are going to create jobs. One thing I know for sure is that the small businesses in this state that are creating 80 percent of the jobs are going to be hurt by this. They are paying at the individual tax rate. A 30 percent increase in the individual tax rate is going to lead to less jobs and less revenue and more people leaving the state of Illinois.”
Gov. Bruce Rauner vowed to veto SB9 if it reaches him.
“I will veto (House Speaker) Mike Madigan’s permanent 32 percent tax hike,” Rauner said in a press release. “Illinois families don’t deserve to have more of the hard-earned money taken from them when the legislature has done little to restore confidence in government or grow jobs. Illinois families deserve more jobs, property tax relief and term limits. But tonight they got more of the same.”
Illinois Republican Party Chairman Tim Schneider said SB9 was not “the product of negotiation and compromise focused on pro-growth, citizen-empowering reforms.”
Schneider contended that politicians who voted for the bill will be held accountable for siding with House Speaker Michael Madigan (R-Chicago) "over the people of Illinois."
Fifteen House Republicans defied House Minority Leader Jim Durkin (R-Western Springs) and Rauner and voted for the increase: Steve Andersson (R-Geneva), Terri Bryant (R-Murphysboro), John Cavaletto (R-Salem), C.D. Davidsmeyer (R-Jacksonville), Mike Fortner (R-West Chicago), Norine Hammond (R-Macomb), David Harris (R-Arlington Heights), Chad Hays (R-Catlin), Charlie Meier (R-Highland), Bill Mitchell (R-Forsyth) , Reggie Phillips (R-Charleston),Robert Pritchard ( R-Hinckley), Mike Unes (R- East Peoria), Sara Wojcicki Jimenez (R-Leland Grove), and David Reis (R-Ste. Marie).