Following up on Illinois lawmakers' successful effort to raise personal and corporate income taxes earlier this year, other states are considering sound proposals to generate revenue even as the right wing continues to advocate irresponsible slash-and-burn fiscal policies.
2011 presents states with a stark choice: austerity and inequality or progress and growth. This Dispatch will address three key progressive policy options for legislators to promote economic security by rebuilding prosperity in the states: Corporate Transparency, Progressive Tax Reform and Revenue Generation, and proactive Economic Development policies.
This past week, Illinois lawmakers approved legislation to raise the state corporate and personal income tax. In explaining the need for the effort, Gov. Pat Quinn explained that the state's "fiscal house was burning." Indeed, faced with a revenue shortfall of $15 billion, legislators garnered the political will to enact sensible means to generate sorely-needed revenue.