The New Jersey Senate president is proposing solutions to the state’s pension problem. Illinois is worse off, but state leaders remain silent on reforms.
Contrary to claims from both Republicans and Democrats, and despite raising nearly $1.1 billion in new taxes and fees for operations, the fiscal year 2020 budget is out of balance by between $574 million and $1.3 billion.
Illinois Gov. J.B. Pritzker’s amendment would allow Illinois to impose an effective corporate income tax rate of up to 15.28% – the nation’s highest by far.
Southern Illinoisans want their representative to vote “no” on Gov. J.B. Pritzker’s progressive tax constitutional amendment. This preference extends beyond GOP voters, with independents also showing strong opposition.
Between the push for a graduated income tax, his budget address and newly released capital plan, Gov. J.B. Pritzker has proposed an onslaught of backdoor tax hikes on all Illinoisans.
Financial stress testing shows Illinois and New Jersey are the most unprepared for the next recession. Both states lack sufficient rainy day funds and struggle with large pension debt.
Each Chicago taxpayer is on the hook for $119,110 worth of unfunded state, city, county and other local government debt. Many of the pensions driving those debts become Lori Lightfoot’s problem on Monday.