Illinois income tax could jump 50 percent

Illinois residents earning more than $56,000 per year may wish Rod Blagojevich was still in the governors mansion.

Gov. Pat Quinn (pictured) confirmed Friday that he plans to raise taxes on some Illinois residents to combat deficits in a difficult state budget, and called for broader tax reform.

Quinn said Friday that he plans to hike taxes for families that make more than $56,000 a year.

But Quinn contends his income tax proposal would amount to a tax cut for millions of Illinoisans by increasing the personal exemption to let them shield more income from being taxed.

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