Peoria Public Radio Staff
Mon July 21, 2014
Rauner releases plans to reduce income tax rate
Rauner recently released several new tax proposals. Including raising sales taxes on services like janitors and travel agents.
He also has said he wants to gradually decrease the personal income tax. But he hasn’t said just how quickly he’d like to see that rate drop. Rauner gave a few more details Monday when asked by a reporter.
"Here’s what my commitment is: We need to roll the income tax back from 5 percent back to 3 percent where it started within a four-year period. And I think 3.75 is a good place to step to next, but we’ll work out those details with the General Assembly."
Democratic incumbent Pat Quinn has advocated for keeping the income tax rate where it is - at 5 percent. His campaign says Rauner’s proposal would result in billions of dollars in cuts. They say a lot of the state’s budget must go to certain things. So most cuts Rauner would need to make would hit education and social services.