Topinka: Looming $2B Drop In Revenue A ‘Heart Attack’ For State Finances
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QUINCY, Ill. (AP) – Illinois Comptroller Judy Baar Topinka is warning of “a $2 billion collapse” next year when the state’s temporary income tax increase begins to roll back.
The Republican seeking re-election made stops in Quincy and Jacksonville on Tuesday.
Lawmakers approved a temporary income tax hike in 2011. But it’s set to decrease from 5 percent to 3.75 percent in January leaving a big budget hole.
Gov. Pat Quinn has pushed for extending the increase, but the idea has been unpopular in an election year.
Topinka likens the decrease to a “heart attack” to state finances. She says she’d rather see it phased out over two years to give lawmakers time to cut spending.
Topinka is facing a November challenge from Lt. Gov. Sheila Simon, a Democrat.
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