Ralph Martire: Despite revenue surges, structural deficit will continue to hobble state – Daily Herald/Illinois Delivered

"In fact, when measured in 2023 inflation-adjusted dollars, Illinois has realized no net revenue growth over the past 24 years from its sales taxes, liquor gallonage taxes, insurance taxes, corporate franchising taxes and associated fees combined. Projected forward over the next 20 years, Illinois’ extant tax policy won’t generate sufficient revenue growth to cover the cost of both maintaining the same level of public services currently provided into the future and repaying existing debt service. Which is the definition of a structural deficit."
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nixit
3 years ago

build up the state’s Rainy Day fund to almost $2 billion — after it had been zeroed-out under Gov. Rauner. Martire just couldn’t resist another dig at Rauner, but again he leaves out context. Prior to Rauner, lllinois’ rainy day fund (aka Budget Stabilization Fund) was only $276 million and the majority of that money came not from sound fiscal practices but from the Big Tobacco settlement in 2001. Blago/Quinn only managed to add $50 million to the fund even though they had a giant tax hike to help them. And the fund only burned down because the rate expired… Read more »

Bross
3 years ago

In other words…tax the rich…

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