Socialism at its finest.....

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http://www.nbcchicago.com/news/local-beat/Doomsday-Taxes-State-of-
Illinois-84947527.html

Doomsday Predictions Tax Illinois 
State watchdog group calls for 'historical' increase in personal income 
tax

By JENEL NELS

In order to crawl from beneath crushing debt and reach fiscal solvency, 
Illinois legislators must choose from a series of options that range 
from bad to worse, according to a prominent watchdog group.

The Civic Federation wants to launch an intervention that includes 
significant budget cuts and the largest tax increase package in Illinois 
history, all in an effort to save the state from a $12.8 billion budget 
deficit.

“Doomsday is here for the state of Illinois,” said Laurence Msall, Civic 
Federation President, to the Sun-Times.

The group says it would support a state income tax increase from 3 
percent to 5 percent. It also recommends the state tax retirees’ pension 
and Social Security checks be taxed for the first time at the same rate 
as workers’ paychecks. They want another $1 increase on a pack of 
cigarettes and to eliminate $181 million in corporate tax breaks. 

If implemented, the Federation's recommendations could shave off $8 
billion, but there is a catch.
 
In order to implement those increases, the Civic Federation says unions 
should pay more toward their pensions and health care -- but the unions 
aren't interested.

“Illinois’ fiscal crisis has been many years in the making. It was 
caused by more than 30 years of pension underfunding and many years of 
spending unfettered by the state’s shrinking revenue resources,” said 
Msall.

The group’s plan would help alleviate the deficit by 2012, they say.

The state’s red ink has already caused a backlog of unpaid bills to 
public universities and schools, transit systems and social services.

“The Civic Federation does not enjoy advocating a significant tax 
increase in the middle of a difficult recession. However, continuing to 
do nothing would be by far a worse option,” said the Civic Federation in 
a statement on the group’s website.

CMPQwk 1.42-21 9999 
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