While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.
Illinois taxpayers are fed up and overtaxed. Residents have little faith that their governments are spending their tax dollars well – and for good reason. The state’s most recent spending plan is out of balance by as much as $1.5 billion, and includes $54.2 million in wasteful spending and $27 million in pork-barrel spending. The…
Without property and income tax relief, housing in Illinois will continue to be less attractive, Illinois’ population is likely to continue its decline and housing price appreciation can be expected to continue to lag the rest of the nation.
Reforming future benefit growth via a constitutional amendment is the only way to ensure the retirement security of government workers, protect taxpayer budgets and fulfill the needs of Illinoisans reliant on core services.