While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.View Report
The budget plan proposed by Republican General Assembly members would raise taxes by over $5 billion without enacting any significant spending reforms.
The Republican plan hits Illinoisans in fiscal year 2018 with the same $5 billion-plus tax hike from the “grand bargain” plan that failed in May. That plan starts with a 33 percent income tax increase, and includes questionable new taxes on services such as Netflix, laundry services and more.
Each Illinois household would pay an additional $1,125 in taxes each year, on average, under the Senate's tax-hike plan.
Members of the home building industry say Senate Bill 9’s tax on home repairs would fall hardest on Illinois’ middle-class and senior residents.
Only in Illinois could a budget deal that hits struggling Illinoisans with billions in new taxes be called a “grand bargain.”
Senate Bill 9 would apply a 6.25 percent sales tax to laundry, dry cleaning, storage units and parking garages, among other services.
SB 9 is part of the package of bills that make up the Senate “grand bargain,” which would have hiked taxes by $7 billion.
The Taxpayer Bargain finally shifts the budget conversation in favor of taxpayers over politicians, with a plan that balances the state budget without tax hikes.
Bailout bills moving in the Illinois General Assembly would attempt to turn Illinois’ massive debt problems into guaranteed profits for banks and bondholders and a lower standard of living for other Illinoisans.
Luxembourg’s ambassador to the United States has voiced objections to an Illinois House bill that would label Luxembourg a tax haven and subject corporations expatriated there to restrictions on investments and business dealings with the state of Illinois.