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...
The regulatory cost of doing business in Illinois remains the highest in the Midwest for workers’ compensation, according to the 2016 Oregon Workers’ Compensation Premium Rate Ranking study.[1] Illinois’ out-of-balance workers’ compensation laws contribute to the Land of Lincoln’s loss of industrial investment and blue-collar job opportunities. Illinois manufacturing firms often cite workers’ compensation as...
Newly released IRS data show Illinois lost on net over 81,000 taxpayers and their dependents, and $4.1 billion of annual taxable income to other states in 2013.
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.