* The AP’s Chicago bureau claims that both gubernatorial candidates “are playing a little fast and loose” with budget numbers. But so is the AP…
Under Rauner’s plan, the rate would drop to 3.75 percent in January then be scaled back over four years to 3 percent.
Except Rauner has also said he’s open to raising the rate after January’s scheduled drop. No mention of that in the piece.
…Adding… This commenter accurately points to yet another big problem with the AP story…
“Under Rauner’s plan, the rate would drop to 3.75 percent in January”
“rolling back the rates as scheduled on Jan. 1, which Rauner supports”
That is–at present–the plan for Quinn, too. Quinn signed the sunsetting increase into law and signed a budget that includes that drop.
Exactly. Rolling the rate back to 3.75 percent come January 1st isn’t “Rauner’s plan,” it’s current state law.
The AP’s Chicago bureau does a horrible job with state government. They need to let Springfield’s top-notch bureau carry the load.
* And this appears to have been added to make the story look more “even-handed”…
Quinn overstates the revenue drop under Rauner’s plan — at least to start.
A report from the non-partisan Commission on Government Forecasting and Accountability says rolling back the rates as scheduled on Jan. 1, which Rauner supports, would reduce revenues by almost $5 billion for the budget year that begins in July 2015 — not $8.5 billion. Rauner says his sales tax plan would generate another roughly $600 million, bringing the total revenue loss to about $4.4 billion. This year’s entire general fund budget is $35.7 billion.
The larger drop in revenue would come later, when the rates would be lowered to pre-2011 levels.
The number the Quinn campaign is using is accurate because they’ve never said it was the immediate impact.