Youthful wealth, energy and talent that could help Illinois recover is leaving the state at the nation’s second-highest rate. State leaders’ thirst for new taxes will make the problem worse.
The Illinois General Assembly and governor devised 20 different ways to take more money from taxpayers to finance spending on government operations and infrastructure.
The New Jersey Senate president is proposing solutions to the state’s pension problem. Illinois is worse off, but state leaders remain silent on reforms.
Contrary to claims from both Republicans and Democrats, and despite raising nearly $1.1 billion in new taxes and fees for operations, the fiscal year 2020 budget is out of balance by between $574 million and $1.3 billion.
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.