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 speaker of the Illinois House of Representatives remains a key campaign issue despite national headlines.
Though the Illinois House of Representatives appears close to overriding Gov. Bruce Rauner’s veto of a tax hike budget plan, and thereby ending Illinois’ more than two years without a full-year budget, Moody’s Investors Service has said it might still downgrade the state’s credit, largely due to Illinois’ unsustainable debt.
Hays is one of 15 Illinois House Republicans who voted for a permanent income tax hike.
Much like other plans in the General Assembly before it, the House Democrats’ budget plan does nothing to structurally reform state government and bring down costs, but instead increases the burden on Illinois taxpayers.
Like the “grand bargain,” the Brady plan and the Illinois Senate Democrats’ budget before it, the Illinois House Democrats’ plan relies on more than $5 billion in new tax revenues because it includes no significant structural spending reforms.
The budget plan proposed by Republican General Assembly members would raise taxes by over $5 billion without enacting any significant spending reforms.
Local spending drivers need to be reformed to truly relieve taxpayers of Illinois’ highest-in-the-nation property taxes.
Illinois needs to begin an end to its pension crisis by expanding access to a standalone 401(k)-style plan to all government workers; the new proposal by the House GOP does not accomplish this.
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.
The Illinois House Labor and Commerce Committee has passed a bill to prohibit municipalities in Illinois from enacting local Right-to-Work measures. The bill now heads to the full House of Representatives for a hearing.