Taxpayers Deserve Respect in Illinois Budget BattleSubmitted by DeFilippis Financial Group® on March 2nd, 2017
I have lived in Illinois my entire life. My business is here in Illinois and it is very likely my children will spend their lives as Illinois residents. Consequently, Illinois' current budget difficulties have me very concerned. I am especially disturbed that the Illinois Senate is currently contemplating a budget fix that would raise the income tax rate to 4.99%. Our elected officials in Springfield raised the income tax rate from 3% to 5% a few years back and it did nothing to solve our State's budget problems. Clearly, raising taxes again is not the solution and, in my opinion, will actually exacerbate the State's fiscal problems. According to the Tax Foundation, Illinois has the fifth highest overall tax burden and the second-highest property taxes for owner-occupied housing in the entire country. Reflective of a State-wide trend, in my practice I am seeing clients moving out of Illinois at a record pace. Clearly, Illinois is at a critical juncture. The Illinois Policy Institute has developed a plan to fix the State budget that does not include tax increases. If you are an Illinois resident, I encourage you to read about that plan here http://www.dailyherald.com/article/20170227/discuss/170229180/ and contact your State Representative and Senator and urge them to adopt this plan. The survival of our State is at stake.