In order to avoid future damage to the state’s economy and the economic viability of Illinois families, the increase in the state income tax should be repealed. That’s according to State Senator Kyle McCarter. McCarter recently filed legislation with the Illinois Senate to repeal Senate Bill 9, the legislation that increased the state’s income tax rate to 4.95 percent for individuals and 7 percent for corporations.
Senator McCarter says he believes the largest permanent hike in the state income tax will chase people out of Illinois, like the 2011 state income tax hike. McCarter adds that the state budget adopted by the legislature after overriding Governor Rauner’s vetoes should also be tossed. McCarter says the budget deal is not balanced as claimed and it won’t put Illinois back on track for fiscal solvency because it spends more than it takes in. Senator McCarter’s income tax repeal measure is Senate Bill 2224 and it mirrors a similar bill filed in the Illinois House filed by State Representative David McSweeney.