Achieving Long-Term Fiscal Sustainability in Illinois
March 5, 2014 | Publication | Policy Research, Improving the Nation's Fiscal Future
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Prior to the release of the Governor’s annual budget recommendation, the MacArthur-supported Civic Federation released an analysis of the State of Illinois’ fiscal condition. The report reviews Governor Quinn’s three-year budget projection and proposes a comprehensive five-year plan for achieving long-term fiscal sustainability for the State of Illinois. The Civic Federation’s plan would fully pay down the State’s $5.4 billion backlog of unpaid bills while gradually reducing income tax rates by 20%, broadening the tax base to include federally taxable amounts of retirement income and building a reserve fund as protection against future economic downturns.