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Tax Reform: Improve Fairness and Adequacy in Illinois’ Tax System

Illinois is currently experiencing what is arguably the worst fiscal crisis the state has ever seen. Faced with a $5 billion deficit, Governor Blagojevich was forced to make tough decisions to balance the state’s budget for the current fiscal year (FY 2004). Still more budget woes appear to be on the horizon for the coming year with published estimates of at least a $2 billion deficit. Most analysts believe the current budget relies too heavily on one-time revenues that will not be available in future years. This pattern of large deficits threatens to continue if the state’s fiscal system is not fundamentally changed. Download and read report

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