About that property tax proposal
Thursday, Mar 27, 2014
* Mark Brown discusses Gov. Pat Quinn’s proposed $500 property tax refund…
* The net effect of this is that the vast majority will get a small property tax break (which isn’t really a property tax break, it’s an income tax refund loosely based on property taxes), while the upper middle class and the wealthy will see a smaller break.
My own property taxes are above $10K in Springfield. The proposed plan means I’ll lose about $125. Mark Brown also admitted that the proposal would cost him a few dollars, but wrote that he doesn’t “begrudge the state the extra hundred bucks or so a year.”
* Bruce Rauner lowered his 2012 Illinois taxes by $3,007 with the state’s property tax credit. So, if this new $500 credit passes, Rauner will have to pay about $2,500 more next time around.
By the way, Rauner paid about $2.6 million in state taxes for 2012, but he made $3.5 million in estimated payments, so he got a state tax refund check worth about $880,000.
* Also, Speaker Madigan claimed yesterday that the tax refund was his own idea…
* The Republicans were not amused…
I think it’s actually $700 million in net new spending for a total of $1.3 billion, but whatever the case, it’s a lot of new money. More cuts in other areas will have to be made to pay for this, and that’s always one of the biggest problems with ideas like these.