Report: Illinois overspending taxpayer money year after year

Link: https://www.thecentersquare.com/illinois/report-illinois-overspending-taxpayer-money-year-after-year/article_7bc5b8ba-8c84-11ed-a77d-a77c6a37c073.html?utm_source=thecentersquare.com&utm_campaign=%2Fnewsletters%2Flists%2Ft2%2Fillinois%2F&utm_medium=email&utm_content=headline

Excerpt:

An analysis by Pew Charitable Trusts shows that Illinois is one of only two states in the country with total tax revenue shortfalls exceeding 5% of total expenses, and the only ones with annual deficits in each of the past 15 years. The other state is New Jersey.

Pew state fiscal health manager Joanna Biernacka-Lievestro said Illinois is in select company.

“Nine states failed to collect enough revenue to cover their long-term expenses over the 15 years ending in fiscal 2020,” Biernacka-Lievestro said. “Secondly, Illinois was one of two states that struggled the most.” 

After New Jersey, Illinois had the largest deficit with aggregate revenue able to cover only 93.9% of aggregate expenses. In comparison, Indiana and Iowa were both close to 104%. Alaska collected 103.5%, yielding the largest surplus.

Author(s): Kevin Bessler

Publication Date: 4 Jan 2023

Publication Site: The Center Square