Chicago Alderman, Vice Mayor, Berny Stone Holds Press Conference to Oppose Proposed State Tax Hikes

CHICAGO, Jan. 7, 2011 /PRNewswire/ -- Fiftieth Ward Alderman and Vice Mayor of the City of Chicago Berny L. Stone, today called an emergency press conference at City Hall to express his opposition to the proposed tax hike that would raise state income taxes from 3 percent to 5 1/4 percent – a 75% increase for Illinois taxpayers.

Similarly, state legislators are considering an increase in corporate income taxes from 4.8 percent to 8.4 percent, nearly doubling corporate tax rates.  The measures proposed by Illinois Governor Pat Quinn are designed to address the state's projected $15 billion budget deficit.

While proposed as a temporary four-year increase, many legislators remain skeptical that the rates would ever return to their current status once enacted.  State legislators are expected to vote on the measures this weekend.

"I strongly oppose any tax hikes on individuals, families or businesses at a time when the economy is still recovering and precarious, such a move would not only hurt struggling families in my ward and throughout the city and state but would also prove a job killer since businesses would likely relocate to avoid such onerous and unfair taxation," said Stone.  "We can no longer avoid addressing wasteful spending, which is the primary reason we're in this mess."

Stone encourage his constituents, other city council members, the Mayor and other candidates to express their opposition by contacting their state representatives in Springfield.

Several other democratic and republican legislators have already expressed their opposition to the increases.

Stone is one of the longest serving city council members and has served as Vice Mayor since 1998.

SOURCE The Office of Alderman Berny Stone