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Quinn Budget Director: “We fully expect that we’re going to pass a tax increase in January. We think it’s going to be substantial”

Chicago Tribune 4 August 2010 One Comment

• On Wednesday (July 28), Bloomberg News reported that Quinn budget director David Vaught had predicted during an interview that, in January, Illinois lawmakers would raise the income tax by 2 percentage points. Quinn, in full damage control mode, on Thursday admonished Vaught for speaking out of turn, said Vaught’s remark was “misconstrued” and added that a Bloomberg reporter from out of state didn’t understand what Vaught said. Quinn reiterated his support for a 1 percent income tax increase — sorry, a 1 percent surcharge for education — and added that he would veto anything else.

Watch Video Here

• The wheels fell off that “misconstrued” explanation Friday when the Capitol Fax Blog posted a video recording of Bloomberg’s interview with Vaught. His words: “We fully expect that we’re going to pass a tax increase in January. We think it’s going to be substantial.” Asked to define “substantial,” Vaught explained Quinn’s support, variously, of a 2 percent hike and a 1 percent hike and concluded, “To me that’s the range of possibilities.” Then John Sinsheimer, Quinn’s director of capital markets, made 2 percent sound like Quinn’s true goal: “The overseas investors we talked to, when we told them we could balance the budget with a 2 percent increase in individual and corporate income taxes, that pretty much raises about $6 billion, slightly less than that — that’s the deficit.” The overseas investors, he added were impressed. “They looked at us and said, ‘Only a 2 percent increase?’ They were amazed by that.

More at the Chicago Tribune

One Comment »

  • Pat Hickey said:

    Sounds Like Pie Chart Ralphie Martire still has his tax-sucking snout under the tent flap.

    Pat Quinn would do well to toss that balloon-head ASAP.

    If Bill Brady has as much sense as his wonderful wife, he will quit pretending to run against Mike Madigan ( who is not running for Governor) and hand-cuff Pat Quinn to Ralph Martire, instead.

    But,then again, I am never disappointed in watching the Illinois GOP blwo off its own toes.

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