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 failure of almost all potential veto overrides in 2016 is a victory for Illinois taxpayers.
Lame-duck session allows lawmakers already ousted by voters to act with reckless abandon before leaving the Statehouse.
Illinois needs structural reforms to fix its fiscal problems, not a tax hike by lawmakers on their way out the door.
The new federal spending bill, dubbed the “CRomnibus,” codifies that the ACA payments to insurers are budget-neutral, as the revenue to fund them will come from fees already assessed on health-insurance plans. This is not the blank check that insurers were hoping for.
Action, or lack thereof, on the 2011 income-tax hikes, a minimum-wage increase, SEIU training and more affect Illinoisans in the wake of a lame-duck death.
With a lame-duck session dead in the water, the 2011 income-tax hikes will sunset on schedule; a minimum-wage debate will wait until Rauner takes office; and taxpayers will not be on the hook for a state-funded health insurance exchange.
Ridesharing regulations, ObamaCare exchange and extension of the 2011 tax hikes all lay dormant.