Jerry R. McDonald
Jerry R. McDonald
“People are voting with their feet, leaving Illinois every day and high property taxes are a big part of it."
Illinois House speaker unwilling to take voters’ ‘no’ on ‘fair tax’ for an answer
Illinois House speaker unwilling to take voters’ ‘no’ on ‘fair tax’ for an answer
Just more than three months after voters soundly rejected a progressive state income tax, new Illinois House Speaker Chris Welch is trying to revive the idea as a fix for state pensions. There is a better solution than the failed ‘fair tax’ scheme.
Pritzker’s budget pushes 9 new taxes worth nearly $1 billion
Pritzker’s budget pushes 9 new taxes worth nearly $1 billion
The budget proposal includes no reforms to pensions or other cost drivers, misleadingly labels various business tax increases as ‘closing corporate tax loopholes,’ and relies on gimmicks that conceal true deficits. And there’s a new gas tax.
Weak accounting standards enable Illinois budget deficits
Weak accounting standards enable Illinois budget deficits
While the private sector is held to a higher standard, rules from the Governmental Accounting Standards Board have enabled Illinois to engage in reckless financial practices that harm taxpayers and the state’s economy.
Full Text: Gov. J.B. Pritzker’s State of the State and Budget Address
Full Text: Gov. J.B. Pritzker’s State of the State and Budget Address
Delivered virtually Feb. 17, 2021, from the Illinois State Fairgrounds
Expected $7.5 billion in federal aid won’t fix Illinois budget crisis without structural reforms
Expected $7.5 billion in federal aid won’t fix Illinois budget crisis without structural reforms
Illinois needed federal aid far more than other states because of pension crisis inaction, as well as an irresponsible pandemic budget. Bailouts won’t protect taxpayers or services for vulnerable Illinoisans, but reforms can.
Megan Zentner
Megan Zentner
“If you try to go outside of your district here in the state of Illinois, you will pay tens of thousands of dollars per school year per student.”
Fix or sell? Illinois’ high property taxes make either tough
Fix or sell? Illinois’ high property taxes make either tough
The nation’s second-highest property taxes could come down if Illinois cut school bureaucracy and reformed public pensions. Until they do, fixing the housing stock is a tough sell.
Chicago had $41,100 in debt per taxpayer before COVID-19, second to New York
Chicago had $41,100 in debt per taxpayer before COVID-19, second to New York
A new report from government finance watchdog Truth in Accounting gave the Windy City an “F” for financial health. Chicago’s massive $36 billion net debt stems primarily from pensions.
Illinois’ high corporate tax rate hurts jobs when businesses need COVID-19 help
Illinois’ high corporate tax rate hurts jobs when businesses need COVID-19 help
A new ranking puts Illinois’ corporate tax rates near the top. Still, Gov. J.B. Pritzker wants to extract $900 million more from corporations after failing to stop up to $1 billion in COVID-19 tax credits for small businesses.
Robert Hill
Robert Hill
“Raising taxes won’t solve the problem, because people who can afford to move will simply move out of state. Cutting services to pay the pensions will also drive people to relocate.
2021 State of the State: Illinois economy weak before COVID-19
2021 State of the State: Illinois economy weak before COVID-19
Illinois’ weak economic foundations and fiscal mismanagement were preexisting conditions that caused it to suffer a deeper COVID-19 downturn. They will also hurt its recovery.
Pritzker wants $500M tax hike on Illinois small businesses
Pritzker wants $500M tax hike on Illinois small businesses
Congress provided tax benefits for business losses in the CARES Act to help offset economic challenges during the pandemic. Gov. J.B. Pritzker wants to undo that relief to raise revenue for Illinois.
Illinois’ mountain of debt will be Madigan’s fiscal legacy
Illinois’ mountain of debt will be Madigan’s fiscal legacy
Decades of institutionalized financial mismanagement left Illinois with the nation’s worst fiscal health. Illinois House Speaker Mike Madigan has been at the center of nearly every bad decision along the way.