Gov. J.B. Pritzker’s “fair tax” plan falls far short of the revenue needed to pay for his spending promises – feeding fears of future tax hikes on middle-class families.
County leaders may exercise new taxing authority from Gov. J.B. Pritzker’s capital plan. Illinois already doubled its portion of the gas tax, pushing the total burden to No. 3 in nation.
Illinois’ film tax credit program is a slap in the face to the state’s small business community outside the spotlight, does little to grow good jobs and is rife with corruption.
A plan that allowed some pension enrollees to cash in early on their earned retirement benefits in exchange for curbing future benefits has so far generated only 3% of its expected savings.
Data from the American Petroleum Institute confirms doubling Illinois’ motor fuel tax will bring total taxes paid at the pump to third highest in the nation, up from 10th highest a year earlier.
The elections scheduled for November 2020 are already injecting uncertainty into the economy, and the progressive income tax ballot question will make matters worse.
The budget signed into law by Gov. J.B. Pritzker included a $1,600 pay raise for the Illinois General Assembly – which already collects the nation’s 4th-highest base salary for state lawmakers.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.