Julie A. Roin on the New Illinois Budget

Budget won't pull IL out of financial straits; Residents can 'look forward' to more taxes, U of C prof says

Illinois ended its two-year budget hiatus earlier this month, but the state's financial plan still lacks the essentials needed to sustain it over the long term, according to a University of Chicago professor.

The budget, pushed through under the leadership of Democratic Ill. House Speaker Michael Madigan and Democratic State Sen. President John Cullerton, includes a 32 percent income tax increase, which sparked Republican Gov. Bruce Rauner to veto the spending plan and led Michael Lucci, the vice president of policy for the Illinois Policy Institute, to say that the plan will "further hamper economic growth."

Rauner's veto was overridden in the General Assembly , but the budget's implementation will not stop tax experts and critics from highlighting why the plan is problematic for Illinois.

Julie A. Roin, a Seymour Logan professor of law at the University of Chicago who specializes in tax policy, says that since the state is spending more money than it is collecting, the budget will serve as a short-term fix to a much deeper problem.

Read more at Cook County Record