Evidence from Connecticut suggests the progressive income tax could cost Illinois homeowners substantial equity in their homes.View Report
Illinois Gov. J.B. Pritzker could delay the $313 million in raises state workers have yet to receive, but instead he’s considering taking $75 million from their paychecks and leaving taxpayers without their services.
Illinois’ current budget started out at a deficit, hoped for a tax increase that was rejected and counted on a federal bail-out that never came. Gov. J.B. Pritzker’s best fix is pension reform.
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.
Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout.
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.
Lawmakers routinely spend faster than taxpayers’ incomes grow. A new bill would put Illinois with the majority of states that limit taxes or spending.
Faced with the impossible task of balancing Chicago’s budget without pension reform, Mayor Lori Lightfoot is forced to partially rely on phantom cuts and revenues.
Contrary to claims from both Republicans and Democrats, and despite raising nearly $1.1 billion in new taxes and fees for operations, the fiscal year 2020 budget is out of balance by between $574 million and $1.3 billion.
Neither taxpayers nor lawmakers should believe Pritzker when he makes claims of tax cuts – specifically that 97 percent of Illinoisans would see one – as part of his effort to scrap Illinois’ constitutionally protected flat income tax.
Facing down a $3 billion deficit, Illinois Gov. J.B. Pritzker offered an unbalanced budget including more tax hikes, borrowing and spending. He claimed severe cuts were the only alternative, but another option exists.