For each percentage point drop in the private sector’s share of the state economy, Illinois household incomes fall by over $3,000 on average. Unfortunately for Illinoisans, the private sector’s share of the Illinois economy has dwindled as government’s share – enabled through tax-funded spending – has risen to 25 percent.
Illinois House Speaker Mike Madigan criticizes Gov. Bruce Rauner’s economic reform ideas and offers only growth-killing tax hikes for Illinoisans in need of better jobs and income.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.