Illinois House Speaker Opens Door To Tax Increase

One day after Illinois’ governor proposed 700-million-dollars in budget cuts, the state’s powerful House Speaker started talking about a possible tax increase. House Speaker Mike Madigan yesterday wrote an open letter explaining that he doesn’t want the state’s ‘most vulnerable’ to carry the burden of the coronavirus’ economic downturn. Madigan then talked about finding a ‘balance between cost savings and new revenues.’ Last month, Illinois voters shot down Governor Pritzker’s progressive income tax. It’s not clear yet just what kind of tax increase Madigan may be looking at.