With one proposal to pay off Illinois’ pension debt asking the typical homeowner to pay more than $1,900 in additional property taxes for the next 30 years, the stakes for pension reform have never been clearer.View Report
Growth in state spending per capita outpaced per capita personal income growth by nearly 40 percent in Jackson County.
Illinois’ 32 percent income tax hike will steal nearly an entire year’s worth of income growth from Illinoisans.
Lawmakers’ proposed new and higher taxes would only make things harder for struggling Illinoisans.
Despite Illinois’ built-in economic advantages, personal income in Indiana is growing much faster than personal income in Illinois.
High-income earners provide the majority of Illinois’ income tax revenue, and IRS data show that Illinois is losing these taxpayers to out-migration.
The average income of taxpayers who leave Illinois is $20,000 more than the taxpayers who arrive here.
Hoosier homeowners keep more of their wages as a result of a statewide property tax cap and income tax cuts.
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.
A new study by The Pew Charitable Trusts shows Illinois trails all states but Nevada in personal income growth since the Great Recession, with a growth rate half that of Illinois’ neighbors.