Pritzker’s Budget Pushes 9 New Taxes Worth Nearly $1 Billion
In the annual governor’s budget address on Feb. 17, Gov. J.B. Pritzker presented a $41.6 billion budget for fiscal year 2022 that holds spending flat for education as well as most state operating spending.
Pritzker was tasked with closing a $4.8 billion deficit reported in November 2020, which would have grown to $5.5 billion including a $690 million payment towards recent borrowing from the Federal Reserve.
Pritzker’s budget relies heavily on nine different tax increases, mostly targeted at businesses, to raise $932 million in revenue. In his speech and in documents from the governor’s budget office the tax increases are branded as “closing corporate tax loopholes.” However, none of the exemptions or credits Pritzker is proposing to limit or eliminate can be fairly described as “loopholes.” Several do not apply exclusively to corporations.
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Pritzker was tasked with closing a $4.8 billion deficit reported in November 2020, which would have grown to $5.5 billion including a $690 million payment towards recent borrowing from the Federal Reserve.
Pritzker’s budget relies heavily on nine different tax increases, mostly targeted at businesses, to raise $932 million in revenue. In his speech and in documents from the governor’s budget office the tax increases are branded as “closing corporate tax loopholes.” However, none of the exemptions or credits Pritzker is proposing to limit or eliminate can be fairly described as “loopholes.” Several do not apply exclusively to corporations.
Click Here to read more.