Impact on Illinois' Structural Deficit
Release: October 21, 2019
The state of Illinois faces a significant structural deficit into the future. The report highlights the nature of the structural deficit and identifies two key causes: the state’s historically flawed tax policy and the plan devised for repayment of Illinois’ pension debt. CTBA proposes both the adoption of the Fair Tax and a reamortization of the pension debt as described in the report titled: Addressing Illinois’ Pension Debt Crisis With Reamortization. Doing so would allow the State to ensure full funding for the Evidence Based Funding Formula while also improving the status of Illinois’ public employee pension system and eliminating the State’s structural deficit by 2042.
The Case for Fundamental Tax Reform in Illinois: Why We Need a Graduated State Income Tax
Release: May 23, 2012
Presentation on why Illinois needs tax reform, and the case for a graduated income tax.
Issue Brief: The Taxpayer Accountability and Budget Stabilization Act (P.A. 96-1496)
Release: February 9, 2011
This Issue Brief provides an overview of the Taxpayer Accountability and Budget Stabilization Act (P.A. 96-1496), which took effect in fiscal year 2011.
Initial Analysis of Recent Tax Increases and Spending Caps Implemented Under P.A. 96-1496
Release: January 26, 2011
This is a presentation of CTBA's analysis of The Taxpayer Accountability and Budget Stabilization Act (P.A. 96-1496), which temporarily increased the income tax rates in Illinois and implement spending caps of the General Fund budget.
Facing Reality: Illinois Must Raise Revenue to Balance Its Budget
Release: July 2, 2009
This Issue Brief explains why increased revenue is needed to address Illinois' budget deficits.