The budget proposal includes no reforms to pensions or other cost drivers, misleadingly labels various business tax increases as ‘closing corporate tax loopholes,’ and relies on gimmicks that conceal true deficits. And there’s a new gas tax.

While the private sector is held to a higher standard, rules from the Governmental Accounting Standards Board have enabled Illinois to engage in reckless financial practices that harm taxpayers and the state’s economy.

Delivered virtually Feb. 17, 2021, from the Illinois State Fairgrounds

Illinois needed federal aid far more than other states because of pension crisis inaction, as well as an irresponsible pandemic budget. Bailouts won’t protect taxpayers or services for vulnerable Illinoisans, but reforms can.

Illinois’ weak economic foundations and fiscal mismanagement were preexisting conditions that caused it to suffer a deeper COVID-19 downturn. They will also hurt its recovery.

Chicago Mayor Lori Lightfoot is trying to raise revenue to close large revenue gaps partially brought on by the COVID-19 pandemic.

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.

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.

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