Gov. Quinn started his speech by acknowledging Illinois has never faced a more serious crisis, financially, economically, and ethically.
He says his approach to addressing the crisis is three pronged. He wants to cut costs and spending, create jobs, and the initiate tax reform/.
The Governor proposes a 50% income tax increase, from 3 to 4/12 percent. He says the increase will be offset by a change in tax exemptions. Under his plan, personal tax exemption would be raised from $2,000 to $6,000.
The Governor's tax plan seemed to draw the most controversy at the Statehouse. Though he says with the change in exemption, most families will come out ahead. The Governor also emphasized fixing under-funded pension systems.
He'll also appoint a Reform Commission to investigate Government finance and practices. And he plans to invest more in education, from early childhood through higher education.