Lawmakers in Springfield passed a record-setting $55.9 billion state budget at 4:13 a.m. on the final day of the legislative session. Instead of passing structural spending reforms, they predictably relied on the usual combination of massive tax hikes, budgetary gimmicks, and, of course, a pay raise for themselves.
Here is what is included in @GovPritzker's new budget:
>A $300 million corporate tax hike created by capping net-operating-loss deductions. This limits a business's carryover deduction and punishes companies trying to recover.
>A new fee on social media companies. This burden will ultimately be passed on to Illinois users in the form of higher prices.
>A controversial 10% digital ad tax targeting "targeted advertising services." This tax could cost businesses up to $800 million.
$185 million in fund sweeps. This includes draining $150 million from the Road Fund just to cover general spending operations.
Meanwhile, the state's biggest financial crisis--$144 billion in pension debt--continues to be ignored, as the state is shorting its necessary pension contribution by over $5 billion this year alone.
We quite literally cannot afford this.
https://t.co/DsCZYHVlbR
Mayors and governors should be required to have quarterly earnings calls
“Tax receipts came in light versus guidance due to weaker restaurant traffic, elevated public transit shrink and Ken Griffin moving half of Citadel to Miami.“
Then 45 minutes of hostile analyst Q&A from citizens
Wisconsin Football will be joining us in Naperville for Camp on June 2nd!! Spots filling up, but registration spots still available for all 3 days.
Registration: https://t.co/4z6azLX9NA
Not every football path is linear, but Garret Wilson found the right one at North Central. 🏈
After leading the NCC to the Stagg Bowl, Wilson shares why Division III football, team culture and brotherhood made Naperville feel like home.
#D3Week | #D3fb
https://t.co/w776IkerX6
This will be the sixth year in a row @football_ncc has played in the @NCAADIII National Championship game. The team looks to claim its first back-to-back title tomorrow in Canton, Ohio.
Read more on @ABC7Chicago: https://t.co/XclSUymDzJ.