Written by the Chicago City Wire
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.
The Budget Solutions 2018 plan calls for comprehensive property tax reform — which Illinois Policy Institute execs insist amounts to $3.4 billion in savings — by taking simple steps like freezing property taxes over the next five years and putting an end to state subsidies and mandates that, the group argues, needlessly drive up the cost of government.
“The state is teetering on the brink of bankruptcy,” Illinois Policy Institute Vice President Ted Dabrowski said during the press conference held on Jan. 31. “Unlike any other plan, this plan assures taxpayers they won’t be treated like an ATM machine.”
Beyond the tax property freeze and the elimination of state subsidies to local governments at a pegged savings of $1.75 billion annually, the plan also calls for requiring local districts and universities to cover the cost of annual pensions at an estimated annual savings of $970 million.… Continue Reading