Without property and income tax relief, housing in Illinois will continue to be less attractive, Illinois’ population is likely to continue its decline and housing price appreciation can be expected to continue to lag the rest of the nation.View Report
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.
The union’s own reporting shows only 20 percent of its overall spending is on “representational activities,” which should cause members to question what they are paying for.
Severely underwater public safety pensions have already derailed the finances of other municipalities, such as Harvey and North Chicago.
The Land of Lincoln's meager rainy day fund would leave the state exposed in the event of another recession.
Central Falls, Rhode Island, filed for bankruptcy largely because of pension debt. If Illinois municipalities can’t meet or lower their pension obligations, they too could face fiscal collapse.
While it’s the closest the state has come to passing a balanced budget in years, Illinois’ new spending plan leaves a lot to be desired for taxpayers.
In a shrinking state, half of Illinois’ largest cities have shed population since 2010.
Springfield is struggling to juggle its priorities, with state lawmakers pressing up against time to pass a budget for the coming fiscal year.
The state also saw a drop in the unemployment rate over the month, fueled by employment gains and labor force decline.
Lawmakers should voluntarily adopt a spending cap to give taxpayers the certainty they deserve.