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October 23, 2014, 9:29 am
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Topinka Says Impacts of Tax Hike Expiration Equates to Heart Attack for Budget


A leading Illinois Republican is warning of significant problems ahead if the state’s temporary income tax increase is allowed to lapse as scheduled at the end of this year.

 

Comptroller Judy Baar Topinka says the lost revenue would cause a… quote… “$2 billion collapse” in the budget, comparing the impact on state finances to a “heart attack.”

 

Topinka says she prefers a more gradual rollback of tax rates to give lawmakers more time to develop and implement spending cuts.

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