Lightfoot budget includes automatic property tax hikes, gas tax hike

By Adam Schuster

10/22/2020

A typical Chicago homeowner faces up to $255 in potential property tax increases to cover city and school deficits. City income taxes could be next, if the ‘fair tax’ were to pass.

TAGS: budget, Chicago, Lori Lightfoot, property taxes

Joliet considering citywide salary cuts to ease budget strains

By Ben Szalinski

06/25/2020

The city has suffered significant revenue losses as a result of COVID-19 restrictions. Pensions will further damage city services even as the pandemic fades.

TAGS: budget, Joliet, pensions

Pritzker signs budget out of balance by $6B

By Adam Schuster, Ben Szalinski

06/11/2020

Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout.

TAGS: budget, coronavirus, COVID-19, deficit, JB Pritzker

5 reasons why Illinois’ latest spending plan insults taxpayers

By Adam Schuster

05/29/2020

Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout. They accepted an $1,800 raise for themselves, while only making significant cuts to education.

TAGS: budget, government spending, ILGA: Illinois General Assembly, special session

Illinois lawmakers returning to deal with $7B budget hole, COVID-19 fallout

By Mindy Ruckman

05/19/2020

What to watch for as the Illinois General Assembly convenes for the first time in more than two months.

TAGS: budget, coronavirus, COVID-19, progressive income tax, special session

Pritzker wrongly claims an Illinois budget surplus ‘if not for coronavirus’

By Adam Schuster, Ben Szalinski

04/30/2020

The budget was not balanced, and Illinois has not balanced a budget for nearly two decades. Pretending Illinois had no issues before COVID-19 won’t help it recover.

TAGS: budget, coronavirus, COVID-19, deficit, Donald Trump, JB Pritzker

Why Congress should reject Illinois’ $44 billion bailout request

By Adam Schuster

04/23/2020

Two decades of fiscal mismanagement have left state finances ill-prepared for the COVID-19 pandemic. Congress should condition any additional aid for troubled states on taxpayer protections that ensure pensions are solvent, accounting is realistic and budgets are balanced.

TAGS: bailout, budget, coronavirus, COVID-19, debt, Don Harmon, JB Pritzker, pensions, U.S. Congress

Bill proposes to tie Illinois state spending to what taxpayers can afford

By Ben Szalinski

03/06/2020

Lawmakers routinely spend faster than taxpayers’ incomes grow. A new bill would put Illinois with the majority of states that limit taxes or spending.

TAGS: borrowing, budget, constitutional amendment, deficit, government spending, pensions, spending cap, tax increase

Pritzker budget relies on $800M in legally questionable accounting gimmicks

By Adam Schuster

03/05/2020

Illinois law requires the governor to propose a budget balanced with existing revenues. To do so, Gov. J.B. Pritzker proposes cutting aid owed local governments, raiding the road fund, letting health insurance costs pile up and withholding taxpayers’ refunds.

TAGS: accounting, budget, JB Pritzker, pensions, progressive income tax

Pritzker’s accounting gimmicks can’t fix pension crisis, but real reform can

By Adam Schuster

02/21/2020

Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.

TAGS: bonds, budget, COLA: cost of living adjustment, credit rating, fair tax, Illinois Constitution, Illinois Department of Revenue, JB Pritzker, Moody's Investor Service, pensions, progressive income tax, Standard & Poor's