tax cuts

Illinois Governor Candidates Spar Over Taxes

Sep 30, 2014 &

Republican Bruce Rauner says eventually he wants to cut Illinois’ income tax rate from 5 percent to 3 percent. But he says that might not happen right away because taxes are scheduled to drop to 3.75 percent in January.

Rauner indicated that might be too much, too soon. So he recognizes lawmakers might have to temporarily raise taxes above 3.75 next year.

There’s a possibility. We need to look at all the taxes, the entire tax code.
--- Republican Bruce Rauner, gubernatorial candidate

The two candidates are echoing thoughts from their respective parties when it comes to the Bush-era tax cuts.

Setting the stage for more election-year debate over taxes and economic policy, President Obama has challenged Republicans to support a plan to extend for one year — but only for families earning less than $250,000 annually — the so-called Bush tax cuts.

Republicans want the tax cuts, which expire at the end of 2012, to continue for everyone. Obama says it's time for wealthier taxpayers to pay more because that will help narrow future budget deficits.