CHICAGO-- Illinois Comptroller Judy Baar Topinka likes the concept of cutting taxes, but the reality of the state’s finances makes doing so more complicated.
Topinka says the proposal to cut the state corporate tax would make Illinois more competitive from a business standpoint. With the state working through a backlog of $7.6 billion in unpaid bills, however, she believes a better approach is broader tax reform.
“Some of its illogical, some of it we’re just giving away money that we ought not to be – at least, we’re not evaluating what we’re doing – and just get some logic and some common sense into that before we start looking at any radical comings and goings here,” Topinka said. “This may not be the time.”
Topinka says while she favors both this tax cut and allowing the temporary income tax hike to expire, legislators should consider the effect those cuts would have on the state budget.