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Pritzker: Illinois Faces Sizable Deficits with Graduated Tax “Off the Table”
Gov. JB Pritzker said Friday that Illinois state government faces sizable budget deficits for fiscal years 2022 through 2026. The Pritzker administration had hoped to address the state’s longstanding structural deficit with a graduated income tax, an option the governor said is “now off the table” following voters’ rejection of the measure in a Nov. 3 referendum.
Without changes to the current trajectory of the state’s finances, year-end accounts payable will continue to grow year by year, according to the annual report by the Governor’s Office of Management and Budget. Already, a $3.9-billion gap is projected for fiscal 2021 without federal stimulus funds.
Pritzker said he was working with leaders in the General Assembly to address the fiscal challenges. “While we didn’t anticipate a pandemic, we must now grapple with the economic hardship it has created while also preserving the vital state services Illinoisans rely on,” he said.
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- ◦Economy
