A new report from the Commission on Government Forecasting and Accountability shows Illinois has experienced falling tax collections, which may indicate trouble in the state economy; spending reforms – not tax hikes – are what Illinois needs to right its fiscal ship and boost economic growth.
Illinois politicians burden the state’s residents with the highest combined state and average local sales tax rate in the Midwest, along with numerous other taxes and fees.
Illinois state senators are considering a budget with massive tax hikes, but is short on critical pension reforms, which would save taxpayers billions.
In addition to raising the state’s personal and corporate income taxes back near their all-time highs, senators are proposing taxing businesses on the “privilege” of doing business in Illinois, as well as taxing several services.
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.