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Pension plan relies on making tax hike permanent
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SPRINGFIELD, Ill. (AP) — A top House Democrat wants to make a state income tax hike permanent and raise the retirement age to get Illinois out of its pension mess. Deputy Majority Leader Lou Lang rolled out the proposal Wednesday. It would make the 67 percent income-tax increase of 2011 permanent. That money would be dedicated to huge payments the state needs to make to catch up with a $96 billion deficit in its pension accounts. The tax is supposed to expire at the end of 2014. Gov. Pat Quinn did not say whether he supports extending the tax hike when asked Wednesday. But the Democratic governor said the pension crisis can't be fixed with just more money. Lang's proposal also sets retirement age at 67. ___ The bill is HB2375. ___ Online: http://www.ilga.gov 
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Geneseo, IL Details |
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Today is Thursday, June 20, the 171st day of 2013. There are 194 days left in the year.
1863 -- 150 years ago: The latest interpretation of the conscription law is said to be that $800 can be paid for an exemption, in which case the person will be eligible for call ina subsequent draft; or a substitute can be furnished. In the latter case, if the substitute isaccepted, the person he represents is exempted for that draft period.
1888 -- 125 years ago: A floral concert presented by Central Presbyterian Church womenattracted a large crowd yesterday.
1913 -- 100 years ago: Milton Reed, infielder on the Davenport baseball club, has beensold to the Philadelphia National league team.
1938 -- 75 years ago: The State Bank of Rock Island has doubled its capital structure,raising it to $1 million, according to Lewis B. Wilson, president of the bank.
1963 -- 50 years ago: The American Wind Symphony Orchestra will present two concertsin the Quad-Cities on Aug. 6, performing from its specially equipped stage-barge. Thebarge, which is traveling the Mississippi River route, will be moored just off the shore forthe concerts.
1988 -- 25 years ago: Fines for overdue items at the Rock Island Public Library are beingincreased to 10 cents per day per item effective July 1. Fines will not be prorated onbooks returned after that date.
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