Illinois lawmakers got their first look at Governor Pat Quinn’s $53 billion budget proposal during the week, a plan consisting of tax hikes, changes and raids to the state pension system, and increased state spending.

The primary component of the Governor’s plan consisted of a 50 percent increase in state income taxes. The $3 billion tax hike, if passed, would be the largest tax increase in Illinois history – three times larger than any other major tax increase ever approved.

Under Governor Quinn's plan, individuals would see their personal income taxes rise from 3 percent to 4.5 percent, while the corporate income tax rate would increase from 4.8 percent to 7.2 percent.

HIGHER EXEMPTIONS, BUT MOST TAXPAYERS WOULD SEE TAX INCREASE

Although the Governor increased the personal exemption on income taxes to $6,000, most Illinois taxpayers would see a tax increase – single taxpayers making more than $16,000 annually and families of four with annual household incomes exceeding $61,000.

Illinois residents interested in seeing how they would fare under Governor Quinn's plan can visit http://budget.illinois.gov/taxcalculator.htm to calculate how their tax bill would be impacted.

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