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Tuesday, March 19, 2024

Adam Schuster, Illinois Policy Institute News


Pritzker claims $1.7B surplus while his budget shows $1.5B deficit

By Adam Schuster, Illinois Policy Institute |
Despite claims during Gov. J.B. Pritzker’s speech, his budget documents show a flood of federal COVID-19 aid temporarily shrank Illinois’ deficit but failed to balance its budget. His next budget will not end well.

Illinois schools outspend, underperform neighbors

By Adam Schuster, Illinois Policy Institute |
Illinois test scores lag nearby states as administrative bloat keeps money from classrooms

Illinois' rising property taxes driven by $75 billion local pension debt

By Adam Schuster, Illinois Policy Institute |
Rapidly rising property taxes and growing pension costs leave homeowners asked to pay more to get less. Relief requires structural pension reform, starting with a constitutional amendment.

Nearly 40 cents of every education dollar in Illinois goes to pensions

By Adam Schuster, Illinois Policy Institute |
Rapidly rising pension costs compete with classroom spending, reducing resources for teachers and students while driving up property taxes.

Pritzker seeks credit upgrades despite growing pension debt, budget deficits

By Adam Schuster, Illinois Policy Institute |
Pension debt is a record $144.2 billion while Illinois’ short-term debt is on track to reach $22 billion in three years, exceeding the record $16.7 billion hit during the budget impasse.

Federal COVID-19 relief going to Illinois debt rather than business relief

By Adam Schuster, Illinois Policy Institute |
Pritzker borrowed during the pandemic rather than making responsible budget decisions. So Illinois’ federal relief must repay debt rather than helping businesses recover like other states.

Moody's report: Illinois pension debt reaches record high $317 billion

By Adam Schuster, Illinois Policy Institute |
Illinois worst-in-the-nation public pension debt grew 19% year over year. It will continue hurting the state economy and job growth, driving more people out of Illinois, unless there are reforms.

Madigan will retire with $2.9 million public pension after contributing just $350,000

By Adam Schuster, Illinois Policy Institute |
Because of a pension sweetener for politicians that Madigan helped create, the former speaker’s pension will spike more than $66,000 the year after his first full year of retirement, then grow 3% each year thereafter.

Pritzker wants $500 million tax hike on small businesses

By Adam Schuster, Illinois Policy Institute |
Congress provided tax benefits for business losses in the CARES Act to help offset economic challenges during the pandemic. Gov. J.B. Pritzker wants to undo that relief to raise revenue for Illinois.

Pension reform key to protecting Illinois services, taxpayers after ‘fair tax’ rejection

By Adam Schuster, Illinois Policy Institute |
Asking Illinoisans to pay more in taxes to receive less in services has been the trend in state government for the past decade, driven by the ever-growing cost of Illinois’ worst-in-the-nation pension crisis.

Pritzker administration threatens 20% tax hike on everyone 'regardless of their level of income'

By Adam Schuster, Illinois Policy Institute |
While acknowledging the harm it would do to the state economy and working Illinoisans, Lt. Gov. Juliana Stratton claimed lawmakers would be ‘forced’ to look at hiking everyone’s taxes due to the budget crisis.

Official Illinois progressive tax explainer ranges from misleading to wrong

By Adam Schuster, Illinois Policy Institute |
Progressive income tax proponents put factually inaccurate and misleading claims into a constitutionally required pamphlet intended to inform voters about a proposed amendment.

Pension apocalypse? COVID-19 exposes long-running fragility of Illinois public pensions

By Adam Schuster, Illinois Policy Institute |
Illinois’ pension crisis has been a growing problem for decades, and its negative effects on state residents are well documented.1 Economic fallout from the COVID-19 pandemic and related government shutdown orders threaten to bring that long-running crisis closer to its breaking point.

Pritzker 'Fair Tax' would allow for double, triple taxation on same $1 earned

By Adam Schuster, Illinois Policy Institute |
The progressive tax amendment on the ballot Nov. 3 removes the constitutional prohibition on multiple taxation, in addition to removing the flat tax protection.

Illinois sales tax revenues down 24% in May amid strict lockdown

By Adam Schuster, Illinois Policy Institute |
Monthly sales tax collections in Illinois continued sharp declines compared to one year earlier amid strict COVID-19 restrictions. Neighboring states with more open economies fared better.

Why Congress should reject Illinois’ $44 billion bailout request

By Adam Schuster, Illinois Policy Institute |
Two decades of fiscal mismanagement have left state finances ill-prepared for the COVID-19 pandemic. Congress should condition any additional aid for troubled states on taxpayer protections that ensure pensions are solvent, accounting is realistic and budgets are balanced.

Illinois moves closer to becoming first ‘junk’ state with negative credit outlook

By Adam Schuster, Illinois Policy Institute |
Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.

Special Report: Illinois must act now to guard against COVID-19 financial fallout

By Adam Schuster, Illinois Policy Institute |
The novel coronavirus, COVID-19, is creating volatility and uncertainty in financial markets and among businesses across the globe. Every state government will face serious fiscal and economic challenges as a result.

Illinois wastes taxes supporting too many school district bureaucracies

By Adam Schuster, Illinois Policy Institute |
Illinois could put $708 million more toward classrooms or property tax relief if it reduced school district bureaucracy to national average.

Illinois pensions 101: Paltry contributions yield million-dollar payouts

By Adam Schuster, Illinois Policy Institute |
Across all five state retirement systems, typical career workers pay for about 5% of the cost of their pension benefits. They receive an average of $1.7 million to $3.6 million.