Illinois Celebrates Late COGD Thanks to Tax Hikes and Irresponsible Spending
Happy Cost of Government Day to Illinois! Illinois “celebrates” its Cost of Government Day 11 days after the national average on July 15. The Cost of Government Day measures the calendar date by which the average American has paid off their share of spending and regulatory burden on all levels of government: federal, state and local. This year, 43 states have an earlier Cost of Government Day than the state of Illinois. Residents of the state must work 208 days of the year to pay for state, local, and their share of federal government spending and regulation.
Over the past ten years, Illinoisans have witnessed $15.87 billion worth of tax increases—that’s $1,225.73 for every man, woman and child. In 2012 alone, residents will get hit with an increase of $134.07 in their taxes.
The Land of Lincoln faced a spending deficit of over $43 billion during FY2012. As the state enters a new fiscal year, Governor Quinn proposed a budget that increased taxes under the façade of Medicaid reform. In reality, the budget increased taxes on tobacco by $350 million, and greased the wheels for implementation of Obamacare exchanges. In addition, these “reforms” relied on a larger federal match for Medicaid funding—increased spending for which taxpayers will ultimately have to pay.
The Land of Lincoln has a rocky path ahead, and until spending, instead of taxes, is reformed, the state will continue to “celebrate” behind the national average.