States with a progressive income tax see greater income inequality, and have seen income inequality rise faster than states without a progressive income tax.
Even after a 32 percent income tax hike, the Illinois General Assembly passed a state budget in 2017 that will generate an estimated $1.5 billion deficit in fiscal year 2018. That deficit is projected to grow to $2.15 billion in fiscal year 2019, according to the Governor’s Office of Management and Budget, or GOMB. The...
While effective property tax rates might be on the decline in some communities, census data show Illinois families are seeing a larger share of their household budgets eaten up by property tax bills.
If Illinois is going to compete with its neighbors – and keep people from moving out of the state – it must reduce the enormous property tax burden its families are forced to bear. Following the lead of surrounding states by enacting collective bargaining reforms is one good place to start.
While government worker unions have had a stranglehold on the people of Illinois for far too long, the state isn’t without hope. Illinois can follow the lead of other Midwestern states and enact labor reforms.
By fixing cost drivers, decreasing the cost of doing business in Illinois, and easing the tax burden, Illinois can encourage jobs growth and stand a better chance at attracting and retaining younger people.
Workers’ compensation is a significant cost to Illinois taxpayers and drains scarce tax dollars from government coffers. A previous report in this series estimated the direct cost of workers’ compensation to state, county and municipal governments is $402 million in worker payouts per year.1 Building upon those findings, this report estimates that the total cost of workers’ compensation to...