Residents face nine new taxes in 2020

Residents face nine new taxes in 2020

Coming Jan. 1, 2020, nine new taxes and fees will take $1.7 billion out of Illinois’ economy and taxpayers’ wallets.

They take effect following a spring legislative session that saw the General Assembly and Gov. J.B. Pritzker pass a total of 20 tax and fee hikes. In total, these increases supported a record $40 billion state budget and $45 billion infrastructure plan.

However, experts from the Illinois Policy Institute note the budget could be as much as $1.3 billion out of balance, with the capital plan containing at least $1.4 billion worth of wasteful projects such as pickleball courts, dog parks and renovations on a broken down and privately owned theater.

Adam Schuster, director of budget and tax at the nonpartisan Illinois Policy Institute, offered the following statement:

“Illinoisans will start the new year paying for state lawmakers’ repeated mistakes. Despite consistent income tax and service tax hikes during the past decade, Illinois’ finances are in the worst shape they’ve ever been in. For 2020 the lesson is clear: our fiscal problems cannot be solved with tax hikes.

“Instead of nickel-and-diming residents, lawmakers in Springfield should look to structural reforms that curb the cost of government spending. Bipartisan, commonsense solutions such as a constitutional amendment for pension reform, a state spending cap and a true balanced budget requirement could improve our fiscal outlook and finally give taxpayers the break they deserve.”

To read the full article, “9 new Illinois taxes totaling $1.7 billion take effect Jan. 1,” visit illin.is/2020taxes.