|Increased economic growth is the best way to raise revenues. But out-of-control taxing and spending have driven Illinois into a fiscal black hole, and have contributed to the state’s lack of competitiveness for new jobs and opportunities. Yet Madigan acts as if the only way Illinois can balance its budget is if Illinois taxes even more and becomes the most tax-burdened state west of New York. This is not a thoughtful approach to public policy, and it ignores the plentiful opportunities for spending reform. Here are some of them:
Years of reckless policies have put Illinois in the nation’s biggest fiscal hole, and it’s time politicians stopped digging the state further into debt. Illinois needs spending reform to correct the policy mistakes that have put Illinois in such dire straits.
Illinois’ tax-burden ranking was as low as No. 34 in 1998, but it shot up to No. 5 as of fiscal year 2012. An income-tax hike would make Illinois the most heavily tax-burdened state in the Midwest and among the top four most tax-burdened states in the U.S.