Evidence from Connecticut suggests the progressive income tax could cost Illinois homeowners substantial equity in their homes.View Report
New official reporting from the state of Illinois shows both rising debt and rising costs in state retirement systems, with essential government services again facing cuts.
Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.
Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.
The state sold the helicopter in 2015 to ease budgetary pressures.
Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.
Financial stress testing shows Illinois and New Jersey are the most unprepared for the next recession. Both states lack sufficient rainy day funds and struggle with large pension debt.
Ahead of Gov. Pritzker’s first budget address, one of the “big three” credit rating services warned the new governor against raising taxes.
Despite finding favor among some politicians and political candidates in Illinois, states with a progressive income tax are more vulnerable during recessions than flat-tax states.
According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.
A landmark case on worker freedom could have positive effects on Illinois’ fiscal health, according to a leading ratings agency.