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Reports

Analysis of the FY2014 General Fund Budget

Release: October 1, 2013

The fiscal problems that have historically plagued Illinois are on full display in the FY2014 General Fund budget passedby the Illinois General Assembly. The state’s accumulated deficit remains significant, and in all likelihood will be at least $8 billion by the end of FY2014. Despite increases for some aspects of the General Fund budget, net spending on services will be $173 million less in FY2014 than in FY2013. Meanwhile, as spending on service delivery continues to decline, the annual cost of debt service continues to grow—specifically the debt owed to the state’s five public pension systems.

FY2014, 97th General Assembly, Taxpayer Accountability and Budget Stabilization Act, Deficit, State Revenue, Graduated Income Tax, General Fund, State Budget

The Case for Fundamental Tax Reform in Illinois: Why We Need a Graduated State Income Tax

Release: May 23, 2012

Presentation on why Illinois needs tax reform, and the case for a graduated income tax.

State Budget, Taxes, Deficit, Graduated Income Tax, Illinois Economy, Tax Expenditures, State Pensions, General Fund, Medicaid

The Case for Creating a Graduated Income Tax in Illinois

Release: February 1, 2012

Creating a graduated rate structure for the Illinois individual income tax is one long-term, structural policy change that would simultaneously stimulate job growth in the state, tax people more fairly and reduce Illinois’ General Fund deficits.This Report explains why a graduated rate structure is needed in Illinois, and how it would impact taxpayers and the state's budget.

State Budget, State Revenue, Deficit, Graduated Income Tax, Inequality

Analysis of the Enacted Illinois FY2012 Budget

Release: October 1, 2011

This Report provides an analysis of the FY2012 Enacted General Fund budget. Key findings are: Detail on how the tax increases passed in January averted a fiscal disaster in FY2012; over $388 million in cuts to human service programs; and despite the recent tax increases and spending cuts, the FY2012 budget proposes over $1 billion in spending for which there is no revenue, and is subject to an accumulated deficit of over $7 billion after accounting for unpaid bills left over from FY2011.

FY2012, 96th General Assembly, Taxpayer Accountability and Budget Stabilization Act, Deficit, State Revenue, Graduated Income Tax, General Fund, State Budget