The state’s combined incentives package will reportedly include $1.4 billion in EDGE tax credits, $450 million in improvements, $250 million in new education and workforce programs, and more.
A new tax on sugary drinks designed to generate revenue for cash-strapped Cook County will be the third burdensome tax applied to soda prices in Chicago, making a $4 12-pack of soda in the city cost $5.97.
New numbers from the Illinois comptroller’s office show that Illinois’ unpaid bill backlog has climbed to more than $14 billion. In August 2016, Moody’s Investors Service predicted Illinois’ bill backlog would reach $14 billion by summer 2017.
Transcript, provided by Gov. Bruce Rauner’s office, of his 2016 State of the State address, as prepared for delivery, to the General Assembly on January 27, 2016.
Donna Arduin is an Illinois Policy Institute senior fellow and a partner at Arduin, Laffer & Moore Econometrics, a group that advises federal, state and municipal leaders, as well as political candidates and private-sector clients, on economic, fiscal and state policies.
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.