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  • How do California and Illinois Compare? | Institute of Government and Public Affairs
    Seminar Study Centers Office of Public Leadership Regional Economics Applications Laboratory How do California and Illinois Compare In recent years it seemed that Illinois and California were competing to be the state with the worst fiscal problems In both states there had been a twenty to thirty year history of avoiding tax increases and spending cuts When the Great Recession hit both states fiscal conditions were already poor and as revenues declined and demands for services increased both states faced massive deficits Currently Illinois and California have the lowest bond ratings in the nation Yet when California Governor Jerry Brown announced a balanced budget in January 2013 Illinois sank to last place 50th of 50 states in terms of bond ratings Is Illinois now the state with the worst fiscal problems in the nation To better understand where California and Illinois stand IGPA s Fiscal Futures Project collected data on major factors including bond ratings changes to tax rates and budget cuts Click here for a table comparing the states PDF Enlarges thumbnail to right Nancy Hudspeth who conducted the analysis found that one of the most important comparisons may very well be pension reform California enacted pension reform legislation in September 2012 as well as a tax increase Recently Governor Brown announced that California would achieve a budgetary surplus in 2014 However California still has a backlog of unpaid bills and internal debt Illinois has also implemented tax increases but still struggles with pensions and unpaid bills In November 2012 the Commission on Government Forecasting and Accountability reported that Illinois five pension systems are only 39 percent funded Illinois pension underfunding the worst of any state and massive backlog of unpaid bills have hurt its credit rating which was most recently downgraded in January 2013 It is clear that

    Original URL path: http://igpa.uillinois.edu/fiscalfutures/CAvsIL (2016-02-17)
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  • State Transparency Profiles | Institute of Government and Public Affairs
    Seminar Study Centers Office of Public Leadership Regional Economics Applications Laboratory State Transparency Profiles AL GA HI MD MA NJ NM SC SD WY Alabama Hawaii Massachusetts New Mexico South Dakota Alaska Idaho Michigan New York Tennessee Arizona Illinois Minnesota North Carolina Texas Arkansas Indiana Mississippi North Dakota Utah California Iowa Missouri Ohio Vermont Colorado Kansas Montana Oklahoma Virginia Connecticut Kentucky Nebraska Oregon Washington Delaware Louisiana Nevada Pennsylvania West Virginia

    Original URL path: http://igpa.uillinois.edu/content/state-transparency-profiles (2016-02-17)
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  • Fiscal Futures Project Archives | Institute of Government and Public Affairs
    Fiscal Futures Project Archives The large tax increase just enacted falls short of closing the state s enormous budget gap Fiscal Fallout No 5 January 2011 Link Alas even the tax increases proposed are not sufficient to close the state s enormous budget gap Fiscal Fallout No 4 January 2011 Link As far as the eye can see Illinois structural deficit Fiscal Fallout No 3 October 2010 Link How does

    Original URL path: http://igpa.uillinois.edu/fiscalfutures/archives (2016-02-17)
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  • Making tough, but informed, fiscal decisions | Institute of Government and Public Affairs
    legislative system that is able to act Unfortunately these actions alone have not yet put Illinois on a sustainable fiscal course The Fiscal Futures Project at the University of Illinois Institute of Government and Public Affairs IGPA has conducted analyses demonstrating that without significant changes Illinois will slide deeper and deeper into debt There is no simple fix The December 2013 public pension legislation greatly reduced long term unfunded liabilities but did little to reduce the structural budget deficit The 2011 personal income tax hikes are scheduled to begin phasing out in January 2015 Keeping tax rates at their current levels will cut the projected deficit approximately in half but will not be sufficient to achieve a balanced budget Without further policy change confidence in the state s economic future may erode This could create a self fulfilling prophecy and initiate a negative cycle of economic decline fiscal hardship austerity pessimism and further economic decline Citizens must demand and legislative leaders must enact a balanced comprehensive and farsighted set of revenue and spending policies that set Illinois on a sustainable fiscal course Ad hoc temporary policies will not rectify long term imbalances As the 2014 campaign for the Illinois governor s seat heats up political candidates should explicitly articulate detailed realistic and well documented long term plans to bring Illinois to fiscal balance To help inform this public debate a team of researchers at IGPA has developed the Illinois Budget Policy Toolbox igpa uillinois edu budget toolbox which analyzes a variety of revenue and spending policy options that Illinois could pursue We encourage voters and policymakers to visit this virtual research center and educate themselves on these important issues throughout the upcoming election season The state of Illinois is facing big policy and fiscal decisions in the next few years

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/making-tough-informed-fiscal-decisions (2016-02-17)
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  • Don’t let anyone tell you balancing the state budget will be easy | Institute of Government and Public Affairs
    Once spent previously accumulated assets and the interest they would have earned are unavailable in the future Likewise new debt saddles future taxpayers with bills for the services we receive today plus interest Policymakers and office seekers often offer easy sounding but unrealistic solutions in their attempts to delay taking painful action For example you might hear an improved economy will grow us out if this mess Encouraging economic growth is highly desirable and could help reduce the state s budget deficit but cannot stand alone as a realistic budget fix My research suggests that even extremely optimistic assumptions about new economic activity fall far short of eliminating the state s budget deficit You might also hear officeholders and candidates arguing that cutting waste fraud and mismanagement in state programs will solve our budget woes While we in Illinois are familiar with waste fraud and abuse in government this is probably only a tiny fraction of total government spending even if we could root it all out One major choice facing state policymakers this year is whether to extend the temporary income tax rate increases of 2011 past the scheduled roll back date of January 1 2015 Making these higher tax rates permanent would raise an estimated 4 5 to 5 billion in FY16 alleviating a sizable part of the state s problems But this would come at high political and economic cost It would continue Illinois very high tax rate on low income families compared to other states and its highest in the nation corporate income tax rate Addressing either of these concerns would reduce the amount of revenue collected The state s budget deficit problem is huge and growing requiring tough choices We are not likely to make the necessary changes in a single year Instead we need

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/don%E2%80%99t-let-anyone-tell-you-balancing-state-budget-will-be-easy (2016-02-17)
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  • Business Taxes | Institute of Government and Public Affairs
    its customers its suppliers or its employees Illinois uses the business tax similarly to most other states The most important business taxes are the property tax and the sales tax The corporate income tax accounts for a relatively small share of revenue and changes in the tax will do little to alter this New business taxes such as a gross receipts tax value added tax or state wide property tax on business could provide significant additional revenue but might also have significant and difficult to predict implications for economic efficiency and tax fairness Click here to read Merriman s full article on business taxes 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 option Doing

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/business-taxes (2016-02-17)
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  • The sales tax | Institute of Government and Public Affairs
    sales tax has a number of provisions that narrow its base resulting in either higher tax rates or lost revenue In most cases a broader base with lower rates increases the efficiency and fairness of a tax Possible reforms of the sales tax that could address this problem include the reduction or elimination of the exclusion of food from the base the inclusion of consumer services in the base and aggressive attempts to collect legally required taxes on internet purchases Any of these could be combined with some type of targeted low income relief measures as necessary These reforms could improve the functioning of the sales tax while also providing potential additional revenue to deal with the state s long term structural deficit Click here to read about Illinois sales 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

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/sales-tax (2016-02-17)
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  • The cigarette tax | Institute of Government and Public Affairs
    million per year and reduce Medicaid expenditures by almost 1 million per year The amount of revenue generated depends on the extent to which a tax rate increase would boost tax avoidance in large border cities like Chicago Although cigarettes are predominantly consumed by the poor many would significantly decrease their consumption in response to the tax thereby mitigating some of their tax burden Moreover if smokers are not making rational well informed decisions then economic theory predicts that an increase in the cigarette tax may benefit them by encouraging healthier behavior Click here to read Reif s full analysis of the cigarette 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 a feasible option Doing

    Original URL path: http://igpa.uillinois.edu/budget-toolbox/content/cigarette-tax (2016-02-17)
    Open archived version from archive