by Ted Dabrowski, Benjamin VanMetre
Illinois Policy Institute
April 15, 2014
The 2015 fiscal year marks a long-awaited milestone for Illinoisans: taxpayers are less than one year away from tax relief. The record 2011 income tax increase is slated to partially sunset during the 2015 fiscal year. But politicians are already crying poor. The solutions they’ve offered up involve making the tax hike permanent, or worse: increasing taxes again with a progressive income tax. By the end of fiscal year 2015, the 2011 tax hike will have raised more than $31 billion in higher taxes. Lawmakers used the new money to avoid making real reform and are now in a position that will require real spending reform and tough decisions. The purpose of Budget Solutions 2015 is to offer a menu of reforms that can be used to not only allow the tax hike to sunset, but also to begin paying down Illinois’ bill backlog.