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Blagojevich Presents Budget Proposal

By KWMU/ Illinois Public Radio

Springfield, IL – Blagojevich said his plan would close a $1.7 billion deficit without raising income or sales taxes.

His proposals include a series of steps to close corporate tax loopholes. Blagojevich says one such tax break spares companies based in other states.

"They can do business here; they can make money here," Blagojevich said. "But because they're not specifically headquartered in Illinois, in many cases they can avoid paying taxes here. Closing this loophole would save $20 to $35 million."

The governor also wants to increase education funding by nearly $400 million.

If we make the cuts and pass the revenue changes needed to pay for this, we will have actually increased education spending by nearly $800 million during two years of fiscal crisis," Blagojevich said.

The governor also offered a plan to consolidate a number of state offices.

To hear a report from Illinois Public Radio's Bill Wheelhouse about the budget plan, click here --->

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