SPRINGFIELD- Governor Pat Quinn addresses Illinois lawmakers laying out tax reform.
"The truth is our structural budget reforms that we fought for in the past five years are critical to recovery. But alone, they are not enough. We cannot cut our way to prosperity," said Gov. Quinn.
He wants to keep the income tax hike at 5% instead of letting it drop next year.
If it does he says expect sweeping cuts to education and state services.
"For too long Illinois has underfunded its schools and overburdened its property taxpayers," said Gov. Quinn.
Quinn wants to give homeowners a $500 property tax credit. 34th District Illinois State Senator Steve Stadelman believes the Governor's plan is a good solution.
"The Rockford area has some of the highest property tax rates in the country, so I think any relief would be very welcome indeed," said Sen. Stadelman.
35th District Illinois State Senator Dave Syverson says the problem lies in the fact that Illinois' economy hasn't grown like surrounding states and taxes won’t balance the budget.
"His idea of just spending more money is not going to be the answer. You can't tax your way into prosperity," said Sen. Syverson.
Moving forward Quinn also wants to give businesses tax cuts for job training. And double the earned income tax credit.
If the legislature doesn't act the income tax rate would drop to 3.75% next year.
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