New findings from the Mercatus Center highlight how Illinois’ reliance on debt and costly pension and other employment benefits have put the state on the wrong fiscal track.
Senate Bill 1719 would impose a 20 percent surcharge on fees earned by investment managers, but the spring legislative session ended with the Illinois House failing to call the measure for a vote.
Illinois lost more millennial college students than any other state except New Jersey between 2000 and 2014, and Illinois’ loss of young people appears to be accelerating.
Though most of the top 100 property tax bills came from New York, the state with the second most entries was Illinois. The 13th highest bill in the country belonged to Exelon’s nuclear generating station in Byron, Illinois, totaling $36.5 million in 2016.
By fixing cost drivers, decreasing the cost of doing business in Illinois, and easing the tax burden, Illinois can encourage jobs growth and stand a better chance at attracting and retaining younger people.
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...