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.View Report
Despite claims from some state lawmakers that the fiscal year 2019 budget is balanced, official reports to bond buyers admit a deficit of more than $1 billion.
While it’s the closest the state has come to passing a balanced budget in years, Illinois’ new spending plan leaves a lot to be desired for taxpayers.
Lawmakers voted to approve the 1,245-page budget less than 24 hours after it was revealed to the public.
More than three-quarters Illinois communities lost population over the year, and nearly all of the state’s major metro areas are lagging the nation on key economic indicators.
Springfield is struggling to juggle its priorities, with state lawmakers pressing up against time to pass a budget for the coming fiscal year.
The state also saw a drop in the unemployment rate over the month, fueled by employment gains and labor force decline.
Agreeing on how much money one has to spend is a basic first step of budgeting.
Lawmakers should voluntarily adopt a spending cap to give taxpayers the certainty they deserve.
A constitutional amendment to impose fiscal discipline on state lawmakers is gaining bipartisan support.
History shows lawmakers prefer to avoid tough but necessary choices.