Vallas says rolling back the state's income tax rate is irresponsible
The former Chicago Public Schools Superintendent says education funding would lose more than one-billion dollars if Rauner’s plan becomes reality. He says the state would have to impose deep cuts on discretionary spending if the tax rate hike expires. And Vallas says the effect would be tremendous:
"Half the discretionary budget is education. If you cut two-billion dollars next year in discretionary spending and you cut across the board, half of that will be felt by education," says Vallas.
Vallas says human services programs, veterans services, and public safety spending would also be affected by the loss of income tax revenue. He says the result will either be more borrowing or higher local property taxes to fill the funding gap.