|News from Senator Peter Roskam Senate Republican Whip|
|315 West Wesley Street||309H State House|
|Wheaton, Illinois 60187||Springfield, Illinois 62706|
For Immediate Release
Date: May 12, 2005/tia
Democrats push massive tax increase through a Senate Committee
Springfield, IL – Illinois consumers are still reeling from the Governor’s tax and fee increases and now their wallets could be pinched even more thanks to a massive tax increase the Senate Higher Education Committee advanced today, according to Senator Peter Roskam (R-Wheaton)
Senate Bill 755 is the latest version of the Senate Democrats’ education funding plan, which is predicated on a large tax increase. The stated purpose of Senate Bill 755 is to make the state bear more of the cost of education. To accomplish this, the legislation would dramatically increase personal and business income taxes. The bill increases taxes by about $6 billion. The individual income tax rate would go from 3% to 5% and the corporate income tax rate would go from 4.8% to 8%. The Senate Higher Education Committee advanced the legislation to the Senate floor today.
“If this legislation were to become law, taxes on entrepreneurs in Illinois would be among the highest in the nation,” Roskam said. “The Governor’s fee increases in the last two years have already driven businesses away from Illinois. Imagine what an income tax increase would do – not to mention what this bill would mean to Illinois families already paying more than enough in state taxes.”
Roskam said schools in Illinois face more than just money troubles.
“This plan will decimate an Illinois economy that is already on life support and it won’t even bring about the reform the proponents claim because this plan is built on the false premise that the only way to reform our education system is to put more money into it,” Roskam said. “Certainly, our schools would benefit from more money, but more money alone does not necessarily guarantee better schools. We need to update our education system to meet current and future needs. Throwing money into our schools before implementing some other much-needed reforms is not a wise use of public funds.”