Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
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.
Illinois Gov. J.B. Pritzker has said his first year deficit is $3.2 billion, but he intends to spend hundreds of millions more than planned under previous baseline budgeting.
A spending cap proposal filed by state Sen. Tom Cullerton, D-Villa Park, would ensure growth in government spending doesn’t exceed taxpayers’ ability to pay for it.
The Decatur City Council moved to stop paying $20,000 to sponsor a golf tournament with the village of Forsyth, a sensible move for a shrinking city operating on a budget deficit.
A new report would have Illinoisans believe that a progressive income tax means tax cuts and economic growth. Illinois lawmakers’ tax-and-spend tendencies and evidence from all 50 states say otherwise.
Spending has consistently outpaced state tax revenues in Illinois for more than a decade. To avoid future tax hikes, Illinois must impose real fiscal discipline on state lawmakers.