Progress Illinois

Painting what he described as a "stark contrast" between his platform and the policies endorsed by Republican Senate frontrunner Mark Kirk, State Treasurer Alexi Giannoulias rolled out the first section of a five-part economic plan (titled "Future Works America") before reporters this morning.  "Mark Kirk and the failed politics of the past got us into this economic mess," he said. "I have a plan to lead us to a more promising future."

Standing beside a new homeowner in Chicago's North Center neighborhood, Giannoulias called for a one-year extension of the $8,000 first-time homebuyers tax credit (which was included in the stimulus bill Kirk voted against) and a one-year payroll tax holiday on the first $20,000 of income for individuals making less than $75,000. (Th eSenate is expected to pass the homebuyers credit this week, although the extension would only last eight months.) He also wants to create a tax credit for small businesses with less than 50 employees, available for one year to companies that add workers to their payroll. To pay for the mini-recovery package, the treasurer would work to close corporate loopholes that benefit companies who ship jobs overseas. Watch him layout the expected benefits of the plan:

Giannoulias was not very specific about which reforms to the tax code he would target, something the White House is already looking into, but he emphasized that his total package would be short-term and deficit neutral.

As longtime readers might remember, Kirk has repeatedly voted against the first-time tax credit despite the fact that he benefits handsomely from a homeowners property tax credit here in Illinois.  Indeed, in 2007, Kirk paid only $785 in property taxes on his Highland Park home. Without the credit, he would have paid $8,385.

Full Disclosure: The SEIU Illinois State Council,which sponsors this website, has endorsed Alexi Giannoulias in the Democratic primary for U.S. Senate.