Thursday, September 30, 2010

Daily Herald: Noland, Rauschenberger split on income tax increase, cuts

The Herald on one of the most interesting Illinois Senate races: Noland v Rauschenberger. Rauschenberger about as on top on Illinois' budget as a guy can get. A lot of good ideas in the story from him on where to save.
Current state Sen. Michael Noland, an Elgin Democrat, supports legislation that would raise the income tax rate for individuals, trusts and estates from 3 to 5 percent and the corporate income tax rate from 4.8 percent to 5 percent. In return, Noland would seek to double the property tax credit to 10 percent. He says the plan would raise about $7 billion in new revenue over time and would reduce the state's "over-reliance on property taxes."

Republican opponent Steve Rauschenberger, also of Elgin, opposes an income tax increase, saying one is "not appropriate during the worst recession in modern history."

Instead, he said the state will realize more income tax receipts from supporting "job-friendly changes to (Illinois) policies and politics."

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