Idstein points at Democrats for Illinois taxpayers' burden
Kenny Idstein laments that Illinois’ growing issue with overtaxation is transforming the state into a place many no longer want any part of.
“Our citizens can no longer afford to live here, and our business community has already moved out,” Idstein, who is challenging Rep. Sam Yingling (D-Round Lake Beach) in the 62nd District, told the Lake County Gazette. “The Democratic Party of Illinois continues to spend more than the annual state income and hide the real impact of this through duplicative and overlapping social programs.”
A new Truth in Accounting survey finds that Illinois now ranks 49th in the country in taxpayer burden and that the average Illinois taxpayer now owes $50,400 in debt, based on 2016 government financial records.
Overall, the cash-strapped state has total liabilities of $235.9 billion, with just $25.5 billion in assets.
The state’s faltering reputation comes after well over a decade of uninterrupted Democrat rule, including 11 straight years of Democrats occupying the governor’s mansion before the 2014 election of Republican Gov. Bruce Rauner.
Even with Rauner in power, earlier this year Democrats, with the aid of a handful of Republican lawmakers, banded together to override a veto by Rauner to permanently increase the personal income tax by 32 percent.
“Although both parties can contribute to the problem, 30+ years of Chicago Democrats in control have destroyed the economic well-being of Illinois,” Idstein said.
In handing the state an overall "F" grade, Truth in Accounting researchers also highlighted that the state now owes nearly $117 billion in pension liabilities, or roughly half of its $210 billion in overall debt. In 2016 alone, pension liabilities grew by another $8 billion.
“Regardless of the ‘pain,’ Illinois must spend less than it takes in,” Idstein said. “And the budget cannot be balanced without a real plan to right the pension debacle.”
The 62nd House District encompasses Grayslake, Round Lake, Round Lake Beach and Gurnee.