According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.
Reforming future benefit growth via a constitutional amendment is the only way to ensure the retirement security of government workers, protect taxpayer budgets and fulfill the needs of Illinoisans reliant on core services.
Illinois is expected to raise an additional $200 million in sales tax revenue due to changes in the new state budget and the U.S. Supreme Court’s decision in South Dakota v. Wayfair Inc. Lawmakers should offset this expansion of the sales tax by ending a $200 million harmful tax on business investment.