Illinois’ pension crisis has been a growing problem for decades, and its negative effects on state residents are well documented.1 Economic fallout from the COVID-19 pandemic and related government shutdown orders threaten to bring that long-running crisis closer to its breaking point. The state’s five pension systems collectively held nearly $139 billion of debt at...
Two areas of Illinois faced the same COVID-19 threat but received very different treatment from the governor. One is home to a political power base he needs to pass his progressive income tax in November.
Gov. J.B. Pritzker calls his $3.7 billion income tax hike a “fair tax.” But opponents have criticized the constitutional amendment as a blank check for House Speaker Mike Madigan and other state lawmakers, courtesy of Illinois taxpayers.
Decades of institutionalized financial mismanagement left Illinois with the nation’s worst fiscal health. Illinois House Speaker Mike Madigan has been at the center of nearly every bad decision along the way.
Illinois’ high levels of corruption damage the state’s economy, costing it $10.6 billion since 2000. States with higher levels of corruption average lower levels of economic growth.
The progressive tax’s structure fails to account for inflation and includes a marriage penalty for 4 million Illinoisans. It is designed to creep farther into taxpayers’ wallets.
Despite potential political repercussions, a growing list of Democrats are demanding Mike Madigan resign his leadership positions after he was implicated in a ComEd corruption scheme.