Congress provided tax benefits for business losses in the CARES Act to help offset economic challenges during the pandemic. Gov. J.B. Pritzker wants to undo that relief to raise revenue for Illinois.
Despite Gov. J.B. Pritzker touting growth in “every major region,” Illinois shed jobs in three metropolitan areas and lagged the national average in seven more.
Illinois’ uneven recovery reflects national trends, but also raises important questions about the state’s economic future ahead of a key tax hike vote.
Across all five state retirement systems, typical career workers pay for about 5% of the cost of their pension benefits. They receive an average of $1.7 million to $3.6 million.