Veto Session Preview: Tax Increase
Tax Increase Extension
Though an extension of the tax increase was all but assured during the fall veto or a lame-duck session if Pat Quinn had won re-election, conventional wisdom dictates Democrat leaders in the House and Senate will not be quick to act on an extension of the increase given Quinn’s recent defeat.
“I am hopeful Democrats will now not push forward the extension of the income tax increase,” Senator Dale Righter (R-Mattoon) said. “Allowing the tax increase to sunset is a win for all Illinois taxpayers.”
Their 2011 tax hike is scheduled to begin phase-out on January 1; however, Democrat legislative majorities will likely force the new Governor to lay out his own plan to balance the budget without the additional tax revenues. Opponents of the tax increase extension note the measure faces Republican opposition, and emphasized passing major initiatives with support from “lame duck” legislators is poor public policy.