State Rep. John Cavaletto, R-Salem, a member of the Cost Benefit Analysis Committee, voted Thursday to support Governor Bruce Rauner’s veto of the budget plan that raises the state income tax rate from 3.75 percent to 4.95 percent.
“My vote on Sunday for the proposal in front of us was based on the ‘junk bond’ rating threat to the State of Illinois and that huge negative impact on borrowing and the cost to Illinois taxpayers,” Cavaletto said. “But I found out this morning directly from Moody’s that this budget plan doesn’t seem to help and they are still considering a downgrade from Baa3 rating level because Illinois’ debt obligations does not have stable funding to meet our obligations, even with this tax increase.”
“The more than one thousand calls, emails and Facebook messages I have received have been about 10 to 1 opposed to any more taxes. The message from my constituents has been loud and clear that they do not want a tax increase so I had to oppose this plan with a permanent tax increase,” Cavaletto said.
As part of this plan there is a 5 percent across the board cut of state agencies and a 10 percent cut in the funding to Illinois colleges and universities. But there are not enough reforms to change the way government spending is handled in Illinois.
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“We’re pushing people out of this state with high taxes and property taxes and we need reforms and tax relief to keep people here and attract more with job growth,” Cavaletto said.