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  • The personal income tax | Institute of Government and Public Affairs
    various policy levers available to decision makers and evaluates two policy package options in terms of their revenue potential and their capacity to contribute to other policy goals One policy package would maintain the single tax rate at 5 percent while raising the personal exemption to 5 000 This change would raise an additional 2 1 billion and would increase the progressivity of the tax Another policy package would eliminate virtually all credits and subtractions This change would raise an additional 2 7 billion and would simplify the tax increase transparency and improve the fairness of the tax Click here to read more about the personal income tax PDF Recent Content Let s change how we make state budgets Higher education is a smart investment for Illinois The Illinois Budget Policy Toolbox Webinar Series Toolbox Fundamentals The Illinois Budget Policy Toolbox Webinar Series IGPA is teaming up with U of I Extension Local Government Information and Education Network to host monthly webinars on topics from the Illinois Budget Policy Toolbox Illinois Economic Condition Illinois economy is struggling to recover from the recession A long term structural imbalance will only intensify the state s fiscal woes Why doing nothing is not

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/personal-income-tax (2016-02-17)
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  • Keeping the 2011 tax increase | Institute of Government and Public Affairs
    are made permanent the consequences are lower disposable incomes for taxpayers inequities and disincentives to work or conduct business in the state The negative consequences depend importantly on income tax rates relative to other states Illinois flat 5 percent individual rate is lower than the top rate in most states thus not a big disincentive for those with higher incomes However the same 5 percent rate applies after exemption for only 2 100 per person which results in relatively high burdens on low income Illinoisans When Illinois 7 percent corporate tax is added to the 2 5 percent personal property replacement tax the combined 9 5 percent rate is among the highest in the nation and thus a disincentive to conduct business in Illinois Click here to read pros and cons of making the 2011 tax increase permanent PDF Recent Content Let s change how we make state budgets Higher education is a smart investment for Illinois The Illinois Budget Policy Toolbox Webinar Series Toolbox Fundamentals The Illinois Budget Policy Toolbox Webinar Series IGPA is teaming up with U of I Extension Local Government Information and Education Network to host monthly webinars on topics from the Illinois Budget Policy Toolbox

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/keeping-2011-tax-increase (2016-02-17)
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  • Tools to Address Revenue | Institute of Government and Public Affairs
    find 5 billion in replacement revenue every year The sales tax How could Illinois broaden the sales tax base to increase revenue Alcohol and casino taxes Modest increases in the tax rates on alcohol and casinos would raise about 150 million in annual revenue Business Taxes Although Illinois uses the business tax similarly to other states there are options for changes The cigarette tax Increasing the cigarette tax by 50 cents would raise up to 175 million per year Cap and trade Cap and trade could create almost 2 billion in annual revenue Recent Content Let s change how we make state budgets Higher education is a smart investment for Illinois The Illinois Budget Policy Toolbox Webinar Series Toolbox Fundamentals The Illinois Budget Policy Toolbox Webinar Series IGPA is teaming up with U of I Extension Local Government Information and Education Network to host monthly webinars on topics from the Illinois Budget Policy Toolbox Illinois Economic Condition Illinois economy is struggling to recover from the recession A long term structural imbalance will only intensify the state s fiscal woes Why doing nothing is not a feasible option Doing nothing or muddling through comes with great risk and long term consequences

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/tools-revenue (2016-02-17)
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  • Higher Education Spending | Institute of Government and Public Affairs
    contribute to lower Medicaid welfare public health and prison costs One policy option is to cut higher education by say 8 5 percent or 207million if current income tax rates are not sustained leading to further tuition increases and MAP grant cuts that reduce enrollment rates 41 5 million annually in sales and income tax revenue would then be lost and adverse employment health and crime rate effects increase Medicaid welfare prison and Family Service spending eventually by about 190 million annually This suggests how past cuts have contributed to a serious worsening of the huge skill deficit leading to Illinois large depressed middle class 64 percent of the population with high school or less has had no real income increases since 1980 This contributes to reoccurring budget crises The other option is to increase higher education investment by 8 5 percent This yields a return of 16 percent for associate degrees twice that including non monetary benefits and 14 percent and 28 percent respectively for bachelor s All are above 7 33 percent the 10 year average for S P500 index funds the standard opportunity cost of taxed funds Increased earnings raise budget revenues by 41 5 million reduce other costs eventually by about 190 million This option improves earnings plus regional development beyond earnings an estimated 1 830 million annually and helps reverse the worsening plight of the middle class Click here to read about spending cuts in higher education PDF Recent Content Let s change how we make state budgets Higher education is a smart investment for Illinois The Illinois Budget Policy Toolbox Webinar Series Toolbox Fundamentals The Illinois Budget Policy Toolbox Webinar Series IGPA is teaming up with U of I Extension Local Government Information and Education Network to host monthly webinars on topics from the

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/higher-education-spending (2016-02-17)
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  • Health care spending | Institute of Government and Public Affairs
    the near term but skepticism about the potential for cost savings is warranted The scientific literature regarding the effects of disease management care coordination and Medicaid managed care generally does not suggest there are huge savings likely from these approaches The Affordable Care Act ACA will increase state spending both in the near term and longer term as more individuals enroll in Medicaid There ultimately is little left in the state toolkit to control health care spending via Medicaid It is possible that meaningful reform of the Medicaid program needs to be initiated at the federal level Click here to read more about health care spending PDF Recent Content Let s change how we make state budgets Higher education is a smart investment for Illinois The Illinois Budget Policy Toolbox Webinar Series Toolbox Fundamentals The Illinois Budget Policy Toolbox Webinar Series IGPA is teaming up with U of I Extension Local Government Information and Education Network to host monthly webinars on topics from the Illinois Budget Policy Toolbox Illinois Economic Condition Illinois economy is struggling to recover from the recession A long term structural imbalance will only intensify the state s fiscal woes Why doing nothing is not a feasible

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/health-care-spending (2016-02-17)
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  • Bending the curve | Institute of Government and Public Affairs
    future state spending also grows under current rules about various state spending programs The problem is that state tax revenue does not grow at the same rate Thus though the current budget is approximately balanced the current problem is that future deficits loom Addressing the problem now can avoid a situation in the future where immediate and dramatic cuts in state spending would be necessary In other words policymakers reduce the need for enacting an immediate cut in spending if instead they bend the curve of projected future spending by reducing its rate of growth The state has addressed some past budget problems by bending the curve but more remains to be done Click here to read more about bending the cost curve PDF Recent Content Let s change how we make state budgets Higher education is a smart investment for Illinois The Illinois Budget Policy Toolbox Webinar Series Toolbox Fundamentals The Illinois Budget Policy Toolbox Webinar Series IGPA is teaming up with U of I Extension Local Government Information and Education Network to host monthly webinars on topics from the Illinois Budget Policy Toolbox Illinois Economic Condition Illinois economy is struggling to recover from the recession A long term

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/bending-curve (2016-02-17)
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  • Tools to Address Spending | Institute of Government and Public Affairs
    can the state do to control costs Bending the curve How can legislators control future costs by bending the upward curve of spending Waste fraud and abuse We often hear arguments to cut human services spending by eliminating waste fraud and abuse But research shows other approaches might be more productive Across the board cuts Facing the difficulty of making cuts to particular public programs cutting spending across the board can seem like an easier political move But is it good fiscal management Recent Content Let s change how we make state budgets Higher education is a smart investment for Illinois The Illinois Budget Policy Toolbox Webinar Series Toolbox Fundamentals The Illinois Budget Policy Toolbox Webinar Series IGPA is teaming up with U of I Extension Local Government Information and Education Network to host monthly webinars on topics from the Illinois Budget Policy Toolbox Illinois Economic Condition Illinois economy is struggling to recover from the recession A long term structural imbalance will only intensify the state s fiscal woes Why doing nothing is not a feasible option Doing nothing or muddling through comes with great risk and long term consequences Competing Goals of Budget Reform The goals for good budget

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/tools-spending (2016-02-17)
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  • Let's change how we make state budgets | Institute of Government and Public Affairs
    won t be able to rely on economic growth or singular policy changes to dig ourselves out So what more can Illinois do to balance the budget The Fiscal Futures Project researchers recommended options that could reduce the growth of spending by dealing with specific elements of the state s current fiscal imbalance They also recommended we change the way we make the state budget As a former state legislator I agree Let s get rid of the messy complex and obscure budgeting process This is an effort that requires all hands on deck more lawmakers and citizens should be involved and should be demanding transparency We need 1 longer term budgeting 2 openness in the budget process and 3 reduction of the use of special funds which often obscure the fiscal condition We need a budget process that motivates planning several years ahead instead of shortsighted year to year planning We need accurate easily understood and consistent budget reports without political bias And we should make those reports accessible for independent review and analysis before the budget becomes law Many citizens and even lawmakers don t realize that Illinois has 380 state funds We often only hear about the four General Funds We need an open process that allows us to track money coming in and going out of every single fund This type of transparency would be good for government and at the very least will allow us to more accurately measure our debts By making the state budget process more open reliable and straightforward good legislators will be able to do what is best for the people they represent It will bring back our confidence in state government and improve democracy This commentary was published in the State Journal Register and the Champaign News Gazette Listen to

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/lets-change-how-we-make-state-budgets (2016-02-17)
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