Illinois’ fiscal collapse is the culmination of decades of budget gimmicks and taxes used to paper over the state’s structural spending problems and misplaced priorities that favor special interests over ordinary Illinoisans.
The budget plan proposed by Republican General Assembly members would raise taxes by over $5 billion without enacting any significant spending reforms.
Illinois needs to begin an end to its pension crisis by expanding access to a standalone 401(k)-style plan to all government workers; the new proposal by the House GOP does not accomplish this.
Despite $30 billion in extra tax revenue, the politicians who passed Illinois’ 2011 income tax hike failed to solve Illinois’ pension crisis or pay off the state’s bill backlog.
A bill that would apply term limits to legislative leaders in the Illinois House and Senate cleared a major hurdle May 19, and is scheduled for a second reading May 22.
Illinois Senate President John Cullerton’s pension bill could be unconstitutional, is unfair to workers and based on unproven math, and perpetuates Illinois’ broken pension system.
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.