Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.
An advocacy group backing Gov. J.B. Pritzker’s “fair tax” plan has argued a progressive income tax hike won’t affect middle-class Illinoisans. But its most recent report shows a middle-class tax hit is likely.
Much like other plans in the General Assembly before it, the House Democrats’ budget plan does nothing to structurally reform state government and bring down costs, but instead increases the burden on Illinois taxpayers.
The budget plan proposed by Republican General Assembly members would raise taxes by over $5 billion without enacting any significant spending reforms.
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.
The little-known legislative rules that govern the legislative process in the Illinois House of Representatives give the House speaker extraordinary power to orchestrate the legislative or political outcomes he or she wants. Those rules allow the speaker to influence the makeup of legislative committees; how lawmakers vote; and when, if ever, the bills get voted...
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.