The Illinois General Assembly’s top priorities this legislative session must be to pass economic reforms and a balanced budget, said state Sen. Paul Schimpf, R-Waterloo, following Gov. Bruce Rauner’s budget address at the Illinois State Capitol in Springfield.
"Today's budget proposal should be a wakeup call to anyone who thought we could achieve fiscal stability by simply raising taxes," Schimpf said. "The increased infrastructure and education spending that Illinois needs requires economic growth to generate the necessary funding. I hope the General Assembly will not repeat last year's mistakes. This spring we need a budget that is truly balanced, accompanied by pro-growth reforms."
While the General Assembly did pass a budget last year to end a two-year budget impasse, it was $600 million out of balance and permanently raised the personal income tax rate from 3.75 percent to 4.95 percent, and the corporate income tax rate from 5.25 percent to 7 percent, Schimpf wrote.