The state ranking dead last in fiscal solvency is in a tough spot. Since passing a 2011 “temporary” tax to aid the budget, it has only tumbled closer and closer to bankruptcy. With no solution in sight the state has resorted to tax anything that moves, and somethings that don’t. The “Netflix Tax” was passed recently which is a tax on digital entertainment.
In July the State started issuing lottery winners up to $25,000 and an IOU for any amount greater. This week they lowered to $600 and IOU’s beyond that. Currently the state is in gridlock over the budget causing Illinois to announced they will delay pension payments next month. Munger (comptroller) told reporters in Chicago on Wednesday. “For all intents and purposes, we are out of money now.”
Unfunded liabilities, a tax on the next generation. Time to get out of the state while you can.