And here’s the Vaught video…
Friday, Jul 30, 2010
When asked how he defined “substantial,” Vaught pointed to Gov. Quinn’s latest one-point tax hike plan, but then went on to describe how the Senate had already passed a 67 percent income tax increase and related how the governor himself had testified at a House committee in favor of that very same tax increase.
More importantly, listen closely to what John Sinsheimer, Quinn’s director of capital markets, has to say. He points out that the “deficit” is $6 billion…
So, the Quinn team was also telling foreign investors how they could wipe out the deficit with a 67 percent tax hike.
I’ll leave it to others to judge whether or not Bloomberg “misconstrued” the remarks, but it seems clear from these excerpts, at least, that the two men were pointing heavily at increasing the income tax from 3 to 5 percent come January.