Most neighboring states are gaining residents from people moving across state lines. Even of the states losing people, Illinois is losing at a significantly faster rate.
Members of the Illinois Senate Pensions Committee heard from pension administrators and government unions about the need for more benefits from retirement systems that are already broken. The Illinois Policy Institute was there, too, to represent taxpayers’ interests.
Of the states most Americans are moving to, 4 of 5 have a flat or no income tax. The states losing the most residents? There again, 4 of 5 have progressive taxes. Illinois’ flat tax is an advantage it should keep.
Pension experts projected state lawmakers’ plans to drastically expand benefits for newer employees would add $60 billion to the state’s pension liability. Illinois is already $143.7 billion in the pension hole.
The Illinois Constitution currently requires income taxes to be imposed at a single, flat rate. A new bill filed in the Illinois General Assembly would allow for income to be taxed at varying rates, making it easier for lawmakers to raise rates.
The “millionaire tax” was being OK’d by Illinois voters, with 60.3% voting “yes” on the advisory question about raising taxes on residents earning over $1 million a year to fund property tax relief. The problem is, millionaires would not be the only tax targets.
Barrington Township became the first local government in Illinois to back changing the Illinois Constitution so public pensions can be brought under control. While essentially an opinion poll, the overwhelming approval shows elected leaders must address this issue.
Published Oct. 16, 2024 Illinois finds itself at a crossroads: will it empower minorities and poor people to unleash their potential, or will it perpetuate an inequitable status quo? For far too many Illinoisans, opportunity is unfairly and unnecessarily out of reach. Illinois ranks in the bottom ten among all states in social mobility and...
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.