Clout St: Quinn congratulates Democrats on income tax increase

The Tribune supplies a good summary of the new tax bill as well as the actions taken to pass the bill.

The tax increases, which would take effect retroactively to Jan. 1, would raise an estimated $6.5 billion over a full-year period.
In addition, the measure would attempt to limit spending in each of the next four budget years — $36.8 billion in the 2012 budget year, $37.5 billion in 2013, $38.3 billion in 2014 and $39 billion in 2015. The state’s auditor general would determine if lawmakers and the governor exceed those spending limits. If the limits are exceeded, the higher income tax rates would revert to current levels

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