Quinn’s Borrowing Plan Receiving Some Criticism

CHICAGO (WBBM) – Jim Tobin with the National Taxpayers United of Illinois says the plan is to raise the income tax to pay off a $15 billion dollar loan but he says there’s more to it.

LISTEN: Newsradio 780’s Lisa Fielding Reports

“What the governor isn’t telling us is that the $15 billion dollars will be thrown into the state pension fund for thousands and thousands of government employees. So they’ll raise our income tax up to 67%, take half that money and use it to pay back the $15 billion dollar loan plus five billion in interest and then they other half will be used to finance pay raises, and to hire additional state employees,” according to Tobin.

Tobin says the answer is to have current state employees just contribute more to their pension funds and pay half of their retirement health care. As for the future, he says, pensions have to end for all new government hires.

Tobin adds, “Put them all in social security and 401K’s like everyone else in the private sector. The pensions have to end for the new government hires. This will end the pension problem in the long run.”

A spokesperson for the governor says he’s considering various options for dealing with the deficit and that could include a one percent income tax increase.

Large-scale borrowing faces a tough road. The Democratic-dominated Senate has been unable to scrape together enough votes to borrow $3.7 billion to pay this year’s pension obligation.

More from Lisa Fielding
  • JB

    Nice photo of Quinn, looks like he’s thinking “I can’t wait to stick it up the taxpayers @%%”

  • LOTD

    I hope all the f-ing morons that voted this jerk off in are happy!!!! I keep asking myself what the hell is wrong with IL. voters??? This state is a disgrace and I’m trying like hell to get out of it. This @$$hole will take care of all the worthless, unionized state employees at the expense of everyone else. WAKE THE “F” UP PEOPLE!!!!!! BTW- The lack of comments on this shows the apathy of these idiotic voters!!!!

  • http://selfdirectedirasource.com/2010/12/quinn%e2%80%99s-borrowing-plan-receiving-some-criticism/ Quinn’s Borrowing Plan Receiving Some Criticism | SelfDirectedIRASource.com - Information on self directed IRAs, 401k Plans, Retirement planning

    […] Quinn’s Borrowing Plan Receiving Some Criticism Governor Quinn’s reported plans to borrow money to make up the state’s budget deficit is already receiving some criticism. Read more on CBS Chicago […]

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