Democratic House Speaker Michael Madigan today said he’s opposed to Democratic Gov. Pat Quinn’s plan to increase the income tax and isn’t sure if lawmakers will go along with the idea when they return to Springfield following the November election.and Rich comments,
“I am not a proponent of the tax increase, so I have no idea if the tax increase will pass or not,” Madigan said following a ribbon cutting for a union training center on the city’s West Side.
Madigan is working toward maintaining control of the House this fall. If he advocated a tax hike, that could be used against Democratic House candidates across Illinois. […]
“The governor stands firm that a 1 percent education surcharge is something that we need to help the state address it’s budget challenges,” said Quinn budget spokeswoman Kelly Kraft. “He is optimistic that lawmakers will do what’s right for Illinois.”
Remember towards the end of the movie “Titanic” when Kate Winslet finally let go of the frozen solid Leonardo DiCaprio and he floated to the bottom of the sea with their sunken ship? That’s kinda like this.But recall Madigan from last year saying this,
Madigan's Crystal Ball pretty good. Democrats weren't paying attention. Many still aren't. Pat Quinn wasn't thrown overboard because he and the rest of the party never got onboard. They thought it was going to be a Recovery Summer this year and they'd claim credit for it with the stimulus. They weren't paying attention to those bank balance sheets.
"For those that think that tax increases are the answer, it's a partial answer," Madigan told an audience gathered for a panel discussion at the annual Illinois Legislative Latino Caucus Foundation meeting in Rosemont on Thursday. "Because you can raise the rate on the Illinois income tax, but if the economy is not performing you're not going to get an increase in money out of the increase in rate."
The state budget deficit is as much as $12 billion, depending on who is doing the estimating.
Madigan said while the public may be aware of the financial help provided to major banks under the federal stimulus package, many don't know that institutions also borrowed from private lenders, and those loans come due next year. He said the banks may have a hard time making those payments, therefore there is a "major threat of further contraction" in the economy during the first part of 2010.
"Everybody should understand... we are in a very difficult economic situation," Madigan said. "Not everybody in the country fully appreciates the gravity of the situation."