Rep. Olsen Statement on Passage of Tax Increase; Budget

SPRINGFIELD…..Today in Springfield, members of the House of Representatives overrode the Governor’s veto and passed into law revenue and spending packages that aim to end the over two-year budget impasse. This package of legislation permanently and immediately increases the individual income tax rate to 4.95% and the corporate rate to 7%, among other provisions. In response to this vote, State Representative David S. Olsen (R-Downers Grove), who voted against the veto overrides, has issued the following statement:

“I’m disappointed that rather than seeking a broad, bipartisan consensus on a balanced budget with reforms, Speaker Madigan and the majority Democrats chose to walk away from productive negotiations with Republicans which were nearing agreement late last week. Instead, they decided to put forward a large tax increase and spending plan without addressing reforms Illinois desperately needs to make our State more attractive for individuals and businesses alike.”

“The vast majority of Republicans and Democrats have recognized that our State needs the stability of a balanced budget with reforms – which must include significant structural reforms, spending cuts, and revenue. Unfortunately, I do not believe that the package approved today achieves that stability. Illinois already has the worst credit rating of any State in the nation, yet Moody’s Investor Service said yesterday even this plan may not prevent a downgrade to junk status. Despite this setback I remain committed to working in a bipartisan fashion towards the much needed reforms that will turn the tide and restore confidence in Illinois, both with investors and more importantly in the communities of the 81st district.”

No comments :