Illinois’ average personal income growth since the Great Recession is tied with Nevada for the worst in the country, according to data from Pew Charitable Trusts recently published on the Illinois Policy Institute website.
Illinois lawmakers betray their ignorance of the needs and opinions of taxpayers when they pass huge tax increases as a way out of the ongoing budget impasse, a policy expert said on a radio program recently.
The chances that Illinois will reach a budget before May 31 and avoid seeing its bond rating lowered to the worst of any state in history are 50-50 at best, according to Mark Glennon, founder of the business and government website WirePoints told the Sangamon Sun recently.
Property owners in Illinois are the hardest hit in the nation when it comes to taxes. And the property tax burden coupled with falling home values is crippling homeowners and leading many Illinois families to deduce that buying a home in Illinois just isn’t worth it.
The Illinois Policy Institute is proposing a budget conservative group leaders contend would put an end to the state’s nearly two-year impasse, closing a $7.1 billion deficit without adding any new taxes.
There's a certain hypocrisy to House Speaker Mike Madigan (D-Chicago) accusing Republican Gov. Bruce Rauner of holding the budget process hostage for his wealthy friends and big business in general, a radio talk show's co-hosts said recently.
After Illinois’ personal income tax was hiked just 2 points — from 3 to 5 percent — in early 2011, a record number of residents packed their bags, revealing what the Illinois Policy Institute termed “wealth flight.”