Casino Legislation Could Cost the Children
The Sun-Times reports today on new analysis by the Illinois Department of Revenue that shows the stalled casino legislation, if signed into law by Gov. Pat Quinn, could wind up costing Illinois schools over $100 million over the next two years.
The reason for that is a reduction in the tax rate for larger revenue casinos written into the bill to please Mayor Emanuel. Currently the tax rate for casinos operating at higher revenues is 50 percent. That rate would go to 20 percent under the new legislation. Rich Miller said Quinn was being dishonest about phrasing this as a cut in school funding.
The way we read it, Quinn isn't phrasing it that way. As Miller noted, the stalled legislation would lead to a bigger money pie. Under the current legislation, however, those revenues from, say, a Chicago casino, would go towards schools across Illinois. Emanuel has been framing municipal control of a Chicago casino as one of the cornerstones of economic recovery in the city. This has led to the recent tiff between BFFs Emanuel and Quinn over who would control a Chicago casino.
And why the legislation remains stalled.
