(Chicago, IL) — March 11, 2010. Only in Springfield do you find this kind of “new math”.
Governor Pat Quinn is proposing a 1% Illinois income tax increase surcharge to avoid $1.3 billion in cuts to local schools. What the Governor neglected yesterday to mention in his budget address is that 1% would raise $2.8 billion–or $1.5 billion more than what needed to avoid school budget cuts.
That nugget is thanks to Crain’s Chicago columnist Greg Hinz. In a blog post today, Hinze wrote:
According to Mr. Quinn’s budget office, the tax hike would bring in about $2.8 billion a year. If $1.3 billion goes to remove the school-aid cuts, that leaves $1.5 billion for other stuff. Mr. Quinn’s office says all that money would go for overdue state aid payments to schools. But the Legislature might not agree, and the extra money would be available for other things after Fiscal 2011.
Lawmakers could be excused if they feel snookered.