Illinois Governors Office Reveals Five-Year Forecast Not Including Fair Tax Amendment

The office of Governor, J.B. Pritzker released a five year forecast revealing the financial challenges with a progressive income tax in the state. A bipartisan budget totaling $40.1 billion for the 2020 fiscal year was the first balanced budget to pass in many years. In addition the new budget projected surplus has increased by $30 million since the budget was enacted. Officials with the Governors work shop projecting sizable deficits in the General Funds budget of fiscal years 2021 through 2025. Pritzker’s office claims without changes to the current trajectory of the state’s finances, year-end accounts payable will continue to grow year by year. Officials said, there are few alternatives if the Fair Tax amendment is not enacted. Illinois would need to consider dramatic budget cuts up to 15 percent to many essential services like education funding and public safety, or the state of raise taxes on all households by 20 percent.

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