Democratic Gov. J.B. Pritzker delivered a state budget address Wednesday acknowledging a “challenging” picture of Illinois’ finances and offering improved funding for government services if voters adopt his graduated income-tax plan.
Pritzker’s $42 billion budget proposal would provide $1.4 billion in additional funding for schools and public safety if voters in November pass the graduated-rate proposal, which would replace the state’s constitutionally mandated flat income tax.
“As important as these investments are, we cannot responsibly spend for these priorities until we know with certainty what the state’s revenue picture will be,” Pritzker said.
The proposed constitutional amendment, Pritzker’s signature initiative, would raise an estimated $3.6 billion on an annual basis. If it is adopted by voters, Pritzker has said rates previously passed by the legislature would boost the income-tax burden on the wealthiest 3 percent of taxpayers, with the other 97 percent paying at least the same or less.
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