Illinois Senate proposes income tax hike in the face of record out-migration and wealth flight

By Michael Lucci
The Illinois Senate’s proposed budget plan would raise the personal income tax rate to at least 4.95 percent with no real reforms to address the state’s skyrocketing debt and unsustainable spending. This proposal comes despite Illinois’ loss of $14 billion in annual income and hundreds of thousands of people in the wake of the 2011 income tax hike.

TAGS: budget, Christine Radogno, income tax, John Cullerton, outmigration, taxes

State’s record-breaking budgets make Illinoisans poorer

By Ted Dabrowski
For each percentage point drop in the private sector’s share of the state economy, Illinois household incomes fall by over $3,000 on average. Unfortunately for Illinoisans, the private sector’s share of the Illinois economy has dwindled as government’s share – enabled through tax-funded spending – has risen to 25 percent.

TAGS: budget, household income, income tax, taxes