Illinois’ finances would look very different today if it adopted tax systems like its Midwestern neighbors do, according to a new video that breaks down the differences.
That’s the message Illinois Senate President John Cullerton has been delivering around the state for years and that the Illinois Economic Policy Institute acknowledged in its new video that explains how Illinois stacks up against Wisconsin, Indiana, Missouri and Iowa.
A star athlete making millions of dollars in St. Louis falls into Missouri’s top, 7 percent tax bracket. Compare that to the flat 3.75 percent income tax in Illinois and you begin to see why the Cubs might be having such success raiding the Cardinals’ of their prized free agents this off-season.
Those who hold up Wisconsin, Indiana and Michigan as beacons of successful state economic policy may want to chew on a new report that shows the middle class is shrinking in those states faster than elsewhere in the nation.
That’s according to a Pew Charitable Trusts review of U.S. Census figures, the American Community Survey and other data between 2000 and 2013.
The percentage of middle-class households dropped nationwide, but Illinois is doing a better job of protecting the middle class than some of its Midwestern counterparts, the analysis shows. Middle-class households are struggling more in Wisconsin, Indiana and Michigan – each of which became right-to-work states under Republican governors during the period that Pew researchers evaluated.
A recent study credits Illinois’ 2011 workers’ compensation reforms with now lowering average payments below neighboring Indiana’s.
The law passed four years ago cut fees by 30 percent, which led to a 15 percent drop in medical payments over a 12-month period that ended in Sept. 30, 2013. Workers’ compensation insurance rates also began to fall.
As a result, Illinois is seeing lower payments even as basic worker protections are upheld and Illinois workers, on average, make 27 percent more than their counterparts in Indiana.
Illinois is one of three states that showed declines in payment from 2010-11 to 2013-14.
Crain’s: Illinois workers' comp costs fall below Indiana, Wisconsin
Insurance Journal: Illinois Workers’ Comp Premium Rate High but Improving
It is no secret that Illinois has some of the best universities in the world. With top ranked institutions such as The University of Chicago and The University of Illinois at Urbana-Champaign, Illinois universities offer an unparalleled access to great education.
Recently, U-Chicago and U of I were named among the top 25 schools responsible for the greatest advances in science by US News college rankings.
The rankings are the culmination of a study that emphasizes lasting contributions to society; the primary focus being on science technology, engineering, medicine and mathematics.
The Illinois schools are among good company. Other institutions that made the list include Harvard, Yale, Princeton and Stanford.
