The Illinois Senate’s proposed budget plan would raise the personal income tax rate to at least 4.95 percent with no real reforms to address the state’s skyrocketing debt and unsustainable spending. This proposal comes despite Illinois’ loss of $14 billion in annual income and hundreds of thousands of people in the wake of the 2011 income tax hike.
Real reform to help overtaxed Illinoisans – such as a property-tax cap and aggressive government consolidation – would be the gift that keeps giving the whole year round.
DuPage County is projected to save millions of dollars through government-consolidation authority it has enjoyed for years. Now, the Illinois House of Representatives has voted in favor of a bill that would expand these capabilities to all counties statewide.
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.