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Author: 2828 Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1040  
Subject: Illinois Insanity Date: 1/7/2011 2:42 PM
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http://www.weareillinois.org/connect/newsDetail.aspx?newsID=...

Gov. Pat Quinn and top Democratic lawmakers reached a tentative agreement Thursday on a major, post-election income-tax increase and a $1-a-pack cigarette-tax hike to stabilize the state budget and provide a cash infusion for schools.

The plan, detailed by Senate President John Cullerton following closed-door meetings with the governor and House Speaker Michael Madigan, still faces a review by rank-and-file members of the Democratic-led legislature in the waning days of a lame-duck session.

Under the proposal, the state's 3 percent personal income-tax rate would rise to 5.25 percent for four years, then fall to 3.75 percent. All told, that's a 75 percent increase.

The personal income-tax hike is expected to net the state roughly $6.2 billion, and a corresponding corporate income tax increase could raise an additional $1 billion, Cullerton said. The rate businesses pay would temporarily jump from 4.8 percent to 8.4 percent.

The cigarette tax increase, which is expected to raise $377 million, would go into what was described as a "lock box" to increase education funding. Lawmakers said they hoped to double that amount using other funds to provide more than $700 million in new school funding this spring.
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"No i don't like the term 'mass exodus' Gary".

2828
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