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Solutions Ignored in Illinois Budget Battle

July 18, 2015 Brian K. Noe Leave a Comment

125 leaders and policy wonks from 63 non-profit, community organizing and labor organizations came together on June 29 to deliberate over a series of proposals for revenue solutions to Illinois’s budget shortfall. Simon Swartzman reports for In These Times that some of the most obvious solutions (with revenues totaling as much as $9 billion) are not even being considered in Springfield.

Those assembled heard several revenue proposals. The first focused on tax hikes aimed on wealthy individuals, including a proposed progressive income tax (estimated at raising up to $2.4 billion for the state), a commuter tax ($300 million) and a luxury sales tax (between $553 million and almost $2 billion, depending on services taxed). A second proposal focused on corporate accountability, including a proposed end to corporate tax loopholes ($334 million), raising corporate income taxes ($770 million), a fee for “bad businesses” that pay low wages ($2.2 billion), a moratorium on corporate handouts and subsidies ($564 million) and reforming Chicago’s tax increment financing program ($457 million in annual revenue in the city). Proposed banking and financial industry reforms included a financial transaction tax and an end to predatory deals with banks for public financing such as the interest rate swaps Bank of America has arranged with the Chicago Public Schools.

Source: “We Need to Stop Being Nice”: IL Labor, Community Activists Push Progressive Budget Crisis Solutions – Working In These Times

Curated Links Austerity, Class War, Illinois

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