Justin Carlson, Illinois Policy Institute News
$6.6B gap in Illinois reserve funds is far from 'fiscal responsibility'
Illinois’ rainy-day fund is at an all-time high, but remains $6.6 billion less than recommended by state budget experts. Illinois state government can operate for fewer than 13 days on what it’s saved.
Illinois lawmakers get $4,250 raise just months after $12,000 raise
Illinois state lawmakers had tried to bump their pay by 5.5%, but that violated the state constitution. The must settle for 5%, meaning they will make nearly $90,000 a year.
Lawmakers plan to short pensions by $4.4 billion in 2024 budget
No matter what rhetoric about passing a balanced budget comes out of Springfield, the state budget will automatically be unbalanced because of inadequate pension contributions.
Illinois job growth among worst in U.S. during Pritzker's first term
All 11 major industries in Illinois were among the worst in the nation for job growth from January 2019 to January 2023, with each of them ranking in the bottom half in the nation.
Why 'temporary' income tax hike, retirement tax won't fix Illinois pensions
A Chicago civic group suggests either increasing the state’s personal and corporate income taxes for 10 years or implementing a retirement tax to help pay for the state’s worst-in-the-nation pension debt. Here are the problems with that plan.
High-tax Illinois loses people, low-tax states gain in 2022
Low-tax states attract the majority of movers, while high-tax states push them away. Illinois takes nearly 13% of all money made in the state as taxes, and lost 141,656 residents in 2022.
Illinois unemployment rate is worst in U.S.
Illinois added 14,900 jobs in September, but its unemployment rate was the highest in the nation. Inflation and growing recession fears could hit the state harder than most.
Taxpayer pension costs exceeded Illinois projections by $13.7 billion since 2013
Unrealistic assumptions and missed investment returns have meant Illinois taxpayers paid $13.7 billion more for public pensions than state leaders projected five years earlier. Unless the estimates improve, taxpayers will pay an extra $21.3 billion during the next decade.
Neighbor states pursue real tax reform as Pritzker offers election-year gimmicks
While Illinois settles for Pritzker’s temporary relief that mostly expires after the November election, its neighbor states are making long-term changes to help grow their economies.
House bill would lower property taxes by trimming Illinois government waste
Illinois leads the nation in local government bloat, with over 6,000 taxing bodies. The Citizen’s Empowerment Act, sponsored by Illinois House Rep. Jonathan Carroll, would make it easier for Illinois taxpayers to dissolve unnecessary layers of government.
Illinois' financial condition worsens despite receiving billions in federal aid
A new report from watchdog Truth in Accounting shows each taxpayer’s share of state debt has nearly doubled since 2009 to $57,000 as total debt increased by $10 billion—mostly due to pension obligations.
Civic federation finds nearly 9,000 tax-guzzling government units in Illinois
Illinois has more local units of government than any other state in the country – so many that four separate tallies of them give four different numbers.The U.S.
Bill fights Illinois corruption with online access to governmet spending, records
Putting the public’s business on public display can help Illinois reform its culture of corruption and control government waste. An Illinois House bill will put more local government records online.
Illinois is one of few states with ‘death tax'; Bill would double it
Increasing the estate tax would hurt family farms and businesses, drive wealth and investment out of Illinois. Most states are ending their ‘death taxes.’