As Pritzker’s minimum wage bill advances to the House, the new administration’s first major victory may come with a $1.1 billion price tag, courtesy of Illinois taxpayers.
While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.
A new report would have Illinoisans believe that a progressive income tax means tax cuts and economic growth. Illinois lawmakers’ tax-and-spend tendencies and evidence from all 50 states say otherwise.
As examples of the type of progressive tax plan he would like to see in Illinois, J.B. Pritzker pointed to other Midwestern states. But imposing those income tax rates would raise taxes on the median Illinois family.
Even after a 32 percent income tax hike, the Illinois General Assembly passed a state budget in 2017 that will generate an estimated $1.5 billion deficit in fiscal year 2018. That deficit is projected to grow to $2.15 billion in fiscal year 2019, according to the Governor’s Office of Management and Budget, or GOMB. The...
Solving Illinois’ people problem requires addressing the high cost of government, which makes the state far less attractive for people looking to plant roots.
When it comes to taxes, everyone works for the government. Illinoisans worked 120 days – from Jan. 1 until April 30 – to pay the taxes they owe to federal, state and local governments.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.