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De Omnibus Dubitandum - Lux Veritas

Saturday, February 23, 2019

Illinois is the test case for Democrat economic and tax policies

The new Democrat governor in Illinois, billionaire heir to the Hyatt Hotels fortune J.B. Pritzker, gave a speech about how grave the budget situation is. He correctly said the problem has compounded itself for decades, but somehow, he mostly blamed Republican Governor Rauner, who was in office for four years, for the problems and didn't comment at all on the Democrat-controlled Legislature.

The governor pointed out that Illinois's 2020 budget was $3 billion in the hole with a backlog of $15 billion in unpaid bills. Somehow, his solution was to tax more, with a series of new taxes totaling $1.1 billion. He also wants to tax more in the future by changing our state constitution to allow for a progressive income tax, which he says will be on the "rich," to get away from what he describes as our current regressive income tax structure; spend more on new and existing programs; spread out payments more on the massively underfunded pensions; and borrow $2 billion to throw into the pension plan........... To Read More......

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