SPRINGFIELD, Ill. (AP) — Republican Bill Brady says his plans for cutting taxes would increase the Illinois deficit by up to $1 billion, at least in the short term.
The candidate for governor wants to create new business tax breaks and cut existing taxes, such as the sales tax on gasoline. Brady says that would stimulate the economy.
He acknowledged Tuesday that it would add between $650 million and $1 billion to the state’s record-high deficit of $13 billion. Brady says a stronger economy eventually will make up for the lost tax money.
Brady says his budget plans require cutting government services and trimming payroll for employees, including teachers. He couldn’t provide any examples of asking the business community to make similar sacrifices.
He says helping business will help rebuild Illinois.
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