Not only would a progressive income tax hike end up taking more money directly from all taxpayers’ pockets, but it would also have negative economic effects on jobs growth, after-tax income adjusted for cost of living, and overall economic output.View Report
State spending has grown nearly 50 percent faster than Illinoisans’ incomes during the past decade. State Sen. Tom Cullerton, D-Villa Park, has proposed a constitutional spending cap that offers a long-term solution to the state’s budgetary problems.
Illinois Gov. J.B. Pritzker has said his first year deficit is $3.2 billion, but he intends to spend hundreds of millions more than planned under previous baseline budgeting.
A spending cap proposal filed by state Sen. Tom Cullerton, D-Villa Park, would ensure growth in government spending doesn’t exceed taxpayers’ ability to pay for it.
Every relationship comes with its sacrifices. But for an alarming number of Illinoisans, parting ways with Illinois is how they choose to get on with their lives.
The Land of Lincoln has a new governor, but the state’s deep-seated problems remain. Here are five reforms that newly inaugurated Gov. J.B. Pritzker could pursue to begin setting the state on the right fiscal path.
In 2018, Springfield handed Illinoisans more of the same repackaged policy failures. Lawmakers in the coming year should tape to their desks this wish list of taxpayer-friendly reforms.
A history of tax hikes to prop up unsustainable spending makes Illinois a frosty climate for small businesses.
Over half of survey respondents have considered leaving Illinois, citing dysfunctional government, disappointing job opportunities and – above all – high taxes.
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.
Despite claims from some state lawmakers that the fiscal year 2019 budget is balanced, official reports to bond buyers admit a deficit of more than $1 billion.