Rauner: Tax cuts, business reforms would prompt economic growth - Dallas News | myFOXdfw.com

Rauner: Tax cuts, business reforms would prompt economic growth

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CHICAGO (FOX 32) - While welcoming students back to school Tuesday, Illinois Governor Pat Quinn offered a series of dire warnings about what would happen if Republican Bruce Rauner were elected governor on November 4.

Governor Quinn says Rauner's plan would blow a $4 billion hole in the state's education budget. In Chicago's school district alone, they would lose nearly $1 billion.

Teachers unions claim one-sixth or more of their members may have to be laid off if Rauner succeeds in gradually rolling back Illinois' current 5 percent income tax rate to its previous 3 percent level. Other government employee unions claim vital services and their members' jobs would also be cut.

Rauner rejected the grim predictions. While providing few details, he insisted a broad policy of cutting taxes and reducing regulation would stimulate a burst of private sector job growth. That would, in turn, generate new tax revenue to pay off the huge debts that have burdened Illinois with the worst credit rating of any state.

"When we've changed the regulatory climate, there are many companies that would like to be in Illinois. We can recruit them in the next couple years and we can grow our way out of our challenges," Rauner said.

Rauner said he would move quickly to cut the cost of workers comp, which some companies blame for closing factories in Illinois. Recent reforms by Governor Quinn reduced those costs, but they remain the fourth highest in America. Indiana's workers comp costs are the lowest.

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