The budget plan proposed by Republican General Assembly members would raise taxes by over $5 billion without enacting any significant spending reforms.
The Republican plan hits Illinoisans in fiscal year 2018 with the same $5 billion-plus tax hike from the “grand bargain” plan that failed in May. That plan starts with a 33 percent income tax increase, and includes questionable new taxes on services such as Netflix, laundry services and more.
Credit rating agencies have warned Illinois’ credit could slide into junk territory if the legislative session ends in May without a budget deal to get the state’s finances back on track.
Under former Gov. Jim Edgar’s pension ramp, unfunded pension liabilities have increased nearly $100 billion despite taxpayers contributing $16.4 billion more to the five state-run pension systems than required under the Edgar plan.
When they let me out of prison, I held my head up high. Determined I would rise above the shame. But no matter where I’m living, the black mark follows me. I’m branded with a number on my name. —Merle Haggard