Any meaningful property tax relief for Illinoisans means reforming Illinois’ unsustainable public pension system.View Report
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.
Illinois will not diverge from its path of poor growth until lawmakers realize the failures of recent tax hikes.
Illinois would have seen above-average growth if the state’s workforce had simply grown on par with the rest of the U.S. economy. Instead, poor policy choices have made the state an economic laggard. Illinois’ slow expansion is likely a product of investment-killing tax hikes.
Illinois is tied for the worst income growth in the entire U.S.
Illinois’ total state economic activity has increased by only 4 percent since 2007, which is lower than the U.S.’ 10 percent GDP growth during the worst decade of the Great Depression.
Illinois’ slow economic growth, made worse by out-migration, needs to be addressed in order to tackle the state’s budgetary problems.
Illinois’ economy lagged the national average between 2003 and 2014. Had Illinois’ gross domestic product grown at the same pace as the national average since 2003, Illinois workers would have generated an additional $64.6 billion in products and services in 2014.
Illinois recorded the second-worst growth in gross domestic product of any state in the Midwest, according to this week’s release from the Bureau of Economic Analysis. The Illinois economy grew by just 0.9 percent in 2013. Only Missouri grew slower, at a sluggish 0.8 percent. The state’s growth ranks near the bottom nationally as well....
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