Evidence from Connecticut suggests the progressive income tax could cost Illinois homeowners substantial equity in their homes.View Report
Decades of institutionalized financial mismanagement left Illinois with the nation’s worst fiscal health. Illinois House Speaker Mike Madigan has been at the center of nearly every bad decision along the way.
The credit rating agency also said Illinois will soon pass the point of no return on public pension debt. It warned against schemes to stretch or delay pension payments.
A credit rating agency found Gov. J.B. Pritzker’s ‘fair tax’ would fail to close the state’s deficit or adequately fund essential services.
City leaders must prioritize critical spending – and avoid hiking taxes on a struggling economy.
The Federal Reserve announced unprecedented plans to directly purchase up to $500 billion in state and local government bonds. States with poorly managed finances, such as Illinois, stand to benefit most, but long-term threats loom without structural reforms.
Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.
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.
The state sold the helicopter in 2015 to ease budgetary pressures.
Illinoisans will soon cast a vote on the biggest ballot question in the history of Madigan’s record-breaking speakership.
Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.