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Issue Brief: Enacted Budget Takes State Backwards

The failure of the General Assembly to extend current income tax rates past their December 31 expiration resulted in an irresponsible budget that stops the improvement of Illinois’ finances in its tracks. However, it is not too late for lawmakers to do the right thing: maintain stable revenue to avoid deep service cuts, an increase in unpaid bills, and further credit downgrades.

In Focus

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A new Fiscal Policy Center interactive web app, www.EITCWorks.org, allows users to pinpoint how doubling the Illinois Earned Income Tax Credit (EITC) would lift more families out of poverty and boost local economies in their legislative districts. Visit www.EITCWorks.org to find out how low-wage working families and small businesses in your district would be impacted!

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Illinois is at a crossroads, and the choice facing our state has never appeared starker than when you look at the two budgets that Governor Quinn recently submitted to the General Assembly. “Confronting Fiscal Reality” examines these two very different budgets and makes clear the different paths our state could take: Either maintain stable revenue or slash spending for essential programs and services.

Fiscal Notes Blog

August 19, 2014

Whether in good or bad economic times, investing in high-quality preschool is wise policy. …

July 30, 2014

A number of high-profile U.S. corporations have, or are reportedly considering, corporate “inversions,” where they move their “headquarters” overseas to avoid paying U.S.…

July 24, 2014

A major credit rating agency’s decision to give Illinois’ financial health a “negative” appraisal affirms that the state’s current path simply isn’t sustainable.…

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