Illinois would have lost an additional 10,577 seniors from 2012 to 2018 if outmigration were as severe as in Connecticut, the last state to enact a progressive income tax.
Taxing retirement income is not a new idea to Illinois politicians, but denying they want to tax seniors is new since that part of the “fair tax” plan slipped out.
Each year St. Clair County taxpayers must add money to keep MidAmerica St. Louis Airport open. COVID-19 could turn a hefty financial burden into an albatross.
State lawmakers last summer doubled Illinois’ gas tax to help pay for capital projects. Each year the gas tax automatically rises, shielding lawmakers from responsibility for hikes.
Struggling businesses, individuals and families need relief while the economy is shut down. Despite Illinois’ financial woes, leaders can help the recovery by lifting government-imposed financial burdens.
Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.
Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.
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.