The people of Illinois – workers, entrepreneurs and business owners – have been held back by policy errors that have plagued the state for decades. But with the proper policy framework, the state can come back to life and lead the Midwest.
Since the January 2011 tax hikes, Illinois’ recovery slowed down, the rest of the Midwest sped up and the rest of the U.S. significantly accelerated. The Great Lakes states performed in lockstep with how well they fostered the free-enterprise system.
For Illinois’ downstate communities that have felt the pain of out-migration and need to revitalize their industrial base, a local Right-to-Work ordinance can be their first step to a comeback.
Utah passed a 401(k)-style reform plan in 2011. The state’s pension funds had a 50 percent chance of becoming insolvent by 2028 prior to the state’s reform plan – but the reform dropped that chance to 10 percent.
The Amazon tax is estimated to bring in more than $200 million in additional annual tax revenue to the state, an amount that is likely to grow. This provides a perfect opportunity to repeal Illinois’ death tax to offset the new revenue growth.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.