While the Better Government Association has claimed Illinois’ budget contains no fat to trim, a deeper analysis reveals the state has many areas of expensive inefficiency to reform in state and local government costs, the Medicaid program and K-12 education.
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.
The corporate tax reforms under President Donald Trump’s proposed tax plan could strengthen Illinois’ position as a home for businesses, but the state’s uncompetitive income, property and death tax policies would put its residents at an even greater disadvantage with respect to other states if the president’s plan passes.
Illinois spent $58 million in 2015 to imprison offenders charged with felony theft. But evidence shows increasing the threshold, as 29 other states have done since 2001, doesn’t increase property crime or larceny rates.
The Land of Lincoln lost almost 84,000 residents and over $6.5 billion in taxable income to the seven states without an income tax while Illinois’ 2011 income tax hike was in effect.
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.