The Commission on Government Forecasting Accountability increased its revenue estimate for the current fiscal year by $575 million – yet another positive development in a monthslong streak of revenue growth. A spokesman said the expected growth was driven by strong performances in the state’s base tax revenue sources – corporate and personal income tax and sales tax driven higher by inflation.
Oh man. More good news about revenues climbing greater than expected. The doom and gloom crowd will not be happy. More than $50 billion per year and rising. So crazy considering “everyone” is leaving.
If you’d actually read the article, you’d understand this news is neutral. The report says that growth is driven by inflation on sales tax and income taxes and a record stock market. They’ve taken a cautious approach to their projection and “…final income tax receipts could drastically alter the revenue landscape.” The larger issue is that IL’s increased revenues are tiny compared to other states that are actually growing through organic growth, and not only through inflationary measures. I’ve posted them before: Texas has a $27B surplus over two years; Indiana is taking in so much revenue they can devote… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Oh man. More good news about revenues climbing greater than expected. The doom and gloom crowd will not be happy. More than $50 billion per year and rising. So crazy considering “everyone” is leaving.
If you’d actually read the article, you’d understand this news is neutral. The report says that growth is driven by inflation on sales tax and income taxes and a record stock market. They’ve taken a cautious approach to their projection and “…final income tax receipts could drastically alter the revenue landscape.” The larger issue is that IL’s increased revenues are tiny compared to other states that are actually growing through organic growth, and not only through inflationary measures. I’ve posted them before: Texas has a $27B surplus over two years; Indiana is taking in so much revenue they can devote… Read more »
Smoke and mirrors, not really happening. Politicians are nothing but liars and crooks.
Do not see how this can be, people are moving out big time.
You don’t “see it” because you’ve programmed your mind to almost always think otherwise. Your unspoken motto is “when in doubt think negative.”