For each percentage point drop in the private sector’s share of the state economy, Illinois household incomes fall by over $3,000 on average. Unfortunately for Illinoisans, the private sector’s share of the Illinois economy has dwindled as government’s share – enabled through tax-funded spending – has risen to 25 percent.
The expiration of the state’s EDGE program – which has given large companies more than $1 billion in tax credits the last 15 years – is good news for taxpayers and should encourage lawmakers to pass real reforms.
Illinois’ uncompetitive workers’ compensation system doesn’t just hurt private sector businesses – it is also costing taxpayers more than $400 million per year.