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
Record-breaking borrowing to fund Illinois' even more massive pension debt is no real solution to the state's pension problem.
The state is borrowing millions to finance capital construction projects and information technology improvements. But Illinoisans continue to pay for the worst credit rating of any state in the nation.
While borrowing to help pay down the state’s unpaid bill backlog will save money on interest payments and relieve pressure on those waiting for cash, it also perpetuates Illinois’ spending problem.
The Illinois Senate’s proposed budget deal is full of tax hikes because it lacks the necessary spending reforms needed to right Illinois’ fiscal ship.
It didn’t take long for Illinois’ spending machine to cram more debt down taxpayers’ throats. Only two months after signing a pension bill, Gov. Pat Quinn is borrowing yet another $1 billion to fund state construction projects. This will be the first large borrowing for Illinois since it passed Senate Bill 1, a pension fix...
Illinois is often used as the poster child for how not to run a state. Money-hungry politicians perpetuate the state’s spending problem with higher taxes and more borrowing. Meanwhile, the state’s tax base continues to erode as tapped-out families and businesses move to states with more opportunities and friendlier business environments. Illinois’ debt has grown...
Lawmakers have not earned the right to borrow billions more. They were unable to pay down the states massive backlog of bills with a $7 billion tax hike how does anyone think theyll be able to do it with $2.5 billion in borrowing?
The price of Illinois bad behavior continues to go up.
The Illinois Policy Institute opposes the $8.75 billion additional borrowing plan and recommends a three year spending freeze at $27 billion with all revenues over that level being allocated to paying down the past due debt owed to the states vendors