Financial stress testing shows Illinois and New Jersey are the most unprepared for the next recession. Both states lack sufficient rainy day funds and struggle with large pension debt.
The current progressive income tax proposal would fail to pay down the state's unfunded liability while damaging Illinois' economy.
The Illinois House Revenue & Finance Committee approved a proposed constitutional amendment that would scrap taxpayers’ sole protection against endless income tax hikes.
Each Chicago taxpayer is on the hook for $119,110 worth of unfunded state, city, county and other local government debt. Many of the pensions driving those debts become Lori Lightfoot’s problem on Monday.
Former Gov. Bruce Rauner vetoed a bill that would have made it easier for McHenry County residents to consolidate their townships. Renewed bipartisan support has sent it back to the governor’s desk, now occupied by Gov. J.B. Pritzker.
Gov. J.B. Pritzker’s office is using a major capital bill as a vehicle to grease lawmakers for a progressive income tax amendment. But the tax hikes to pay for it would make Illinoisans’ gas tax burden the second highest in the nation.
There should be no compromise with those who are looking out for their own bottom line above the good of the state.
Illinois can do it the old way and raise taxes to deliver pork projects. Or Illinois can be smart and make each tax dollar work hard to deliver projects that help residents and the economy.
An Illinois House bill that would allow more education funding dollars reach the classroom before getting trapped in administration has earned support from both parties – and the opposition of administrators.
An advocacy group backing Gov. J.B. Pritzker’s “fair tax” plan has argued a progressive income tax hike won’t affect middle-class Illinoisans. But its most recent report shows a middle-class tax hit is likely.