Amid two record-breaking income tax hikes, growing property tax bills and population decline, the Land of Lincoln’s income growth is trailing the rest of the nation.
Taxpayers across Illinois oppose a progressive tax but many state lawmakers still refuse to stand up against House Speaker Mike Madigan’s progressive tax push.
Illinois added 18,100 new jobs in June, the highest monthly increase since summer 2017, but the Prairie State still lags behind the rest of the nation for the post-recession period.
The 2017 permanent income tax hike took $732 from the median Illinois household, roughly the same as the $737 that will be returned to state workers who were previously forced to pay “fair share” fees to government unions.
One year after a record-setting tax hike the state still can’t balance a budget, has done nothing to solve long-term fiscal problems and has further damaged its economic growth.
House Bill 4237 seeks to get around Congress’ limitation of a federal deduction that benefits high-tax states, but residents would be better served by efforts to directly reduce state and local taxes in Illinois.
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.