Tax hikes on struggling Illinoisans as the state is bordering on a recession, a lack of structural spending reforms, no true pension reform, $100 million in pork spending, and the continued threat of a junk credit rating are among the ways the new Illinois budget fails taxpayers.
The Illinois Department of Revenue issued details on how to comply with the state’s increase income tax, signaling the reality of higher taxes for Illinoisans.
The Illinois House of Representatives has completed an override of Gov. Bruce Rauner’s veto of a budget plan, including multibillion-dollar tax increases.
The Illinois General Assembly passed a budget, including the largest permanent tax hike in state history, without structural spending reforms. Gov. Bruce Rauner vetoed the plan on Independence Day, and the Senate voted to override the governor’s veto. The package now heads to the House for an override vote.
Though U.S. gas prices have dropped to near all-time lows, Illinois’ state and local taxes make gas costlier in the Land of Lincoln than in neighboring states.
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.