The Governor is getting set to give a virtual budget address, but this year he will not be talking about expanding state spending.
Democrat JB Pritzker is floating a few details about his plan before his speech and says spending will stay flat year over year and will not require any tax increases to meet the needs for the upcoming fiscal year.
“It is also reflective of the fact that, the economy actually in Illinois has done better than people expected. Businesses are up and running. We have lost fewer jobs, anyway, than people expected and the result of all that is more revenue to the state, so the combination of the cuts that we have proposed, the fact that we have a flat budget till last year, and the fact that the economy has done better is what is allowing us to balance the budget.”
Pritzker is seeking to close some tax loopholes on businesses to retain about $900 million in tax dollars.
***Report Courtesy of farmweeknow.com***
