If Illinoisans can live with higher income taxes for five years, they might in return get bailed out from the ever-growing onus of high property taxes, Sen. Bill Brady (R-Bloomington) said recently, according to the news site Politico.
Officials in Springfield and around the country are talking about a “pension cliff” and trying to determine what will happen as large numbers of educators become fully vested in school district pension benefit systems.
A change in outlook from a major ratings agency is likely to have a big effect on Illinois' public debt. Fitch Ratings announced on June 1 that it is lowering the discount rate for U.S. public pension plan liabilities to 6 percent from 7 percent.
More Illinois businesses are getting taken to the cleaners to pay for state overspending -- including dry cleaners themselves, industry experts are arguing after Senate passage of a budget measure on Tuesday.