Written by Ted Dabrowski and John Klingner
Illinois Senate members have a drafted a new budget plan that relies on multibillion-dollar tax hikes, but little in structural spending reforms.
The plan punishes taxpayers with more than $5 billion in additional income and other taxes, borrows $7 billion from the bond market and adds casinos in Chicago – none of which provide relief to struggling Illinoisans. The plan also leaves pensions unreformed, does little to workers’ compensation costs and burdens job creators with a higher minimum wage cost.
There are limited, smaller reforms in the overall package, but nothing that slows the growth in government spending. It’s why the plan relies on massive tax hikes – even if those hikes accelerate out-migration of people and businesses. It’s a bad plan for Illinoisans.… Continue Reading