Caterpillar CEO Doug Oberhelman seemed to be under the impression after his meeting last week with Governor Pat Quinn that the state's income-tax hike would actually expire in four years.
"The tax increase is temporary," Oberhelman told reporters, who wanted to know how he really felt about the recent tax hike. There'd been much media speculation that the Caterpillar CEO was so unhappy about the tax increase that he might move his company elsewhere. Oberhelman added that revenue growth will be necessary to fill the gap, and "it's going to take some spending cuts," which, he said, he was confident that Quinn could pull off.
After Oberhelman answered the question, Quinn told reporters that the "income tax is a four-year situation," and said he wanted to "erase the deficit" during that time.
Technically and legally, the tax hike is temporary. Two income-tax hikes have been allowed to expire in Illinois history, so it's possible that this one will as well.
But the governor used phantom revenues in his most recent budget plan and proposed an increase in state spending, not a decrease.