Peoria’s financial problems grew critical from the coronavirus, but the long-term threat of pension debt will remain even after more severe cuts are made.
Illinois' credit rating is just one notch above junk, the lowest of any U.S. state.
State lawmakers last summer doubled Illinois’ gas tax to help pay for capital projects. Each year the gas tax automatically rises, shielding lawmakers from responsibility for hikes.
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.
Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout.
Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout. They accepted an $1,800 raise for themselves, while only making significant cuts to education.
Illinois lawmakers are still likely to receive a $1,800 pay raise. But some have tried their best to make no waves by giving themselves cover from backlash.
With more than 1.1 million Illinoisans out of work, some of the highest-paid state lawmakers in the nation are in line for a raise – though some are fighting back.
What to watch for as the Illinois General Assembly convenes for the first time in more than two months.
Removing the progressive tax question from the Nov. 3 ballot would give over 100,000 small businesses some certainty as they struggle to recover from the COVID-19 shutdown.
Small businesses face a potential income tax hike nearly 5 times larger than corporations under Gov. J.B. Pritzker’s “fair tax” amendment.
Illinoisans who have struggled without paychecks because of the COVID-19 shutdown could get a delay on their property taxes. The hope is they are working again before they must pay the bill.
An Illinoisan making $12,400 a year would still pay nearly $1,800 in state and local taxes under the governor’s plan – a higher share of their income than residents of all but two states.
Only Gov. J.B. Pritzker’s progressive income tax amendment will appear on the ballot in November. Voters were denied a chance to make critical reforms to state government.