Illinois’ pension crisis has been a growing problem for decades, and its negative effects on state residents are well documented.1 Economic fallout from the COVID-19 pandemic and related government shutdown orders threaten to bring that long-running crisis closer to its breaking point. The state’s five pension systems collectively held nearly $139 billion of debt at...View Report
Voters can expect to be bombarded by claims about the ‘fair tax’ until Nov. 3 – but what are the facts? Proponents have made misleading claims in hopes of convincing Illinoisans to do away with the flat tax.
Illinois Gov. J.B. Pritzker calls it the “fair tax.” Opponents say it’s a “blank check” for irresponsible spending. Here’s what you need to know.
Gov. J.B. Pritzker calls his $3.7 billion income tax hike a “fair tax.” But opponents have criticized the constitutional amendment as a blank check for House Speaker Mike Madigan and other state lawmakers, courtesy of Illinois taxpayers.
Income taxes rose 32% for individuals and 33% for corporations in 2017, raising Illinois’ total tax burden to at least sixth highest from 10th highest. More than $1.2 billion went to pensions and debt.
The change puts Illinois in line with the new federal deadline announced in response to the spread of the coronavirus.
Property taxes in Illinois are nearly double the national average. Until state lawmakers trim down thousands of local governments and pursue pension reform, those bills wills remain high.
Fewer people want to live in states with progressive income taxes. So after 6 straight years of population loss, why would Illinois want to join them?
Home price appreciation in Illinois was the slowest in the U.S. between the third quarter of 2018 and the third quarter of 2019, federal data showed.
Only Mississippi has fared worse than Illinois in personal income growth since the Great Recession hit at the end of 2007. Analysis shows state income taxes matter.
The numerous tax and fee hikes in Gov. J.B. Pritzker’s capital spending plan more than offset the promised savings of the governor’s “fair tax” plan.