Borrowing and Higher Taxes From the Governor
Send a link to a friend
[February 22, 2008]
SPRINGFIELD -- Higher taxes and more
borrowing are what Illinois taxpayers can expect this year from Gov.
Blagojevich's budget, according to state Sen. Larry Bomke,
R-Springfield. The budget address was given by the governor in the
Illinois House chambers Wednesday as members of the General Assembly
and press sat in attendance. (Governor's
"The people of Illinois deserve better than what this budget has to
offer," said Bomke. "Our state is 45th in the nation in job growth
since the governor took office, and that's simply not acceptable."
Among the initiatives proposed by
$417 million tax on
$250 million gambling
$250 million from
combination of additional tax hikes.
borrowing of future revenue streams.
$16 billion borrowing
of pension obligations.
borrowing by raiding of dedicated funds, primarily the Road
$500 million in
additional fund raids.
$10 billion-$12 billion from the sale
of the state lottery.
Bomke says that these numbers clearly show Illinois has a
spending problem. "It is my hope that through a bipartisan effort,
the legislature will be able to rein in this spending and prevent
future generations of Illinoisans from dealing with the largest debt
in state history," he said.
[to top of second
Illinois has lost over 60,000 good-paying manufacturing jobs since
the state fell under one-party control in 2003. If the state had
simply kept up with the national average, it would have over 213,000
more jobs today. That would mean over a half a billion dollars more
in income and sales tax revenues, simply from putting people to
Nearly $1.7 billion in unpaid bills will remain on the books when
the current fiscal year ends -- the highest backlog in state
The state comptroller has pointed out that from fiscal 2003 to
fiscal 2007, Illinois has seen a 35 percent increase in income taxes
and an 18 percent hike in sales taxes. The proposed $1.5 billion
increase in general funds spending represents a one-year increase of
more than 5 percent.
[Text from file sent on behalf of
Larry Bomke by Illinois
Senate Republican staff]