Lake County Gazette

Rep. Chris Bos called for his state’s government to not worsen inflation.

“If we want to make Illinois a destination for families, job creators, and innovators, then we have to make our state an affordable place to live,” Bos wrote on Facebook. “Our residents are facing record-high inflation, the highest effective tax rates in the nation, and rising prices on just about everything. State government needs to live within its means and work to provide relief to families and businesses, rather than continually raising taxes to fuel unchecked spending.” 

Tax Foundation wrote that Illinois has an income tax rate of 4.95%.

The U.S. Bureau of Labor Statistics issued its latest Consumer Price Index (CPI) summary on July 13, which found that costs have risen 9.1% in the last year, marking a 40-year high. In the last month, the cost of energy increased by 7.5%, gas prices rose 11.2%, and the cost of food increased by 1%.

In the last year, the cost of gas has risen by 59.9%, while food prices have increased by 10.4%.

SoFi wrote that the approximately cost of living in Illinois is $43,981.

Business owners, facing increased costs in supplies, shipping, and other expenditures, could be forced to cut jobs, according to Center Square. 

Todd Maisch, CEO of the Illinois Chamber of Commerce, said “the question for policy makers in Illinois” is whether they are going to raise taxes because of inflation, “or are we going to weather the storm and show that government can be on sound fiscal footing.”

Illinois’ 2023 fiscal year budget will have $1.8 billion in tax relief for families. 

Illinoisans are paying an average of $4,386 more in 2022 than they paid in 2021 for the same goods and services due to price increases, according to Illinois Policy. The average Illinois resident will pay an extra $1,122 for gas this year, while also spending an additional $504 on groceries and $280 for utilities.

These extra costs mean many people will dip into their savings and skip some recreational activities.