Combined state and average local sales tax rate tallies 8.85% in Illinois for 2024. That’s the highest in the Midwest and seventh highest in the nation.
Occupational licensing is more burdensome in Illinois than in neighboring states for many professions. Those barriers are unreasonably keeping poor Illinoisans and Chicagoans from finding work.
Data from the Mercatus Center shows Illinois faces a high regulatory burden at both the federal and state level. Research shows these regulations place a disproportionately high burden on the poor, helping to keep them in poverty.
Illinois state and local pension debt now tallies $218 billion with both debt to GDP and funding ratios the worst in the nation, according to a new Equable Institute report.
Illinois just saw a $1.76 billion drop in state income tax collections, proving what a new study just showed: state tax policies give it the nation’s eighth-most volatile revenues. That also makes Illinois very vulnerable when a recession hits.
Kentucky, Wisconsin, Indiana and Missouri are attracting residents while Iowa and Michigan are the only neighbor states losing residents to other states
New Census Bureau data shows people moving out of Illinois continues to drive the state’s population decline. So many moved away in the year before July 2022, it was almost like Rockford disappearing.
Published Aug. 17, 2022 Illinois is home to one of the worst pension crises in the country.1 At 39% funded, according to the nonpartisan Pew Charitable Trusts, Illinois has the worst pension funding ratio of any state.2 By contrast, neighboring Wisconsin’s pension system is 103% funded.3 In fiscal year 2022, Illinois’ total general funds pension...
Occupational licensing requirements present one of the steepest barriers to low-income Illinoisans starting careers in beauty services. Illinois requires anyone seeking to become a barber, cosmetologist, nail technician or hair braider to obtain a state license, essentially a permission slip to work. Unlike 45 other states, Illinois offers only one pathway to licensure for each...