Please visit www.FixTheBudget.org!
The full Illinois Economic Policy Institute report, “Revenue Solutions to the State Budget Crisis: A Comparative Evaluation,” is available at www.FixTheBudget.org.
SUMMARY: Contrary to some rhetoric, tax collections as a share of household income are often relatively lower in Illinois than in neighboring states. State taxes, when put into context, are actually not “too high” in Illinois compared to neighboring states. The key components of Wisconsin’s tax code, if applied to Illinois, would raise $8.3 billion in additional state revenues. The comparable revenue increases are $4.6 billion with Indiana’s rates and $7.3 billion with taxes similar to Iowa. Although only some of these changes may be enacted in Illinois, they could all be considered as options in responsible discussions about how to balance the budget. The financial condition of Illinois can be improved– in whole or in part– by looking toward neighboring states.
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