If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...View Report
Fixing what ails the state requires Illinoisans of all political stripes to be honest about how they got here.
With statewide elections in November, the 2018 forecast calls for gridlock.
Illinois politicians will continue to hail a progressive income tax as a quick fix to the state’s poor spending habits. Don’t be tricked.
Progressive tax proposals by Illinois Democrats would punish those in Illinois’ middle class who earn $50,000 or more and make the state even less competitive with its neighbors.
An income tax hike to 5 percent makes a call for a progressive tax system during the 2018 gubernatorial race a much easier sell.
High-income earners provide the majority of Illinois’ income tax revenue, and IRS data show that Illinois is losing these taxpayers to out-migration.
Politicians’ quick answer to the state’s problems is consistently to raise taxes, but evidence shows tax hikes are a negative for families struggling in a state already lacking opportunity.
Illinois lawmakers can learn valuable lessons from states that have protected essential government services from swings in the economy.
The Illinois Department of Revenue has projected losses of 20,000 private-sector jobs, 43,000 residents to other states on net, and $1.9 billion in GDP in the first four years of a progressive tax.
Lang’s progressive-tax proposal would hit successful small businesses, which account for 72 percent of all small-business income in Illinois.