Civic Federation

Illinois Budget
6:25 am
Tue March 4, 2014

Civic Federation: Illinois Missing Out On Retirement Revenue

As more baby-boomers retire, Illinois is increasingly missing out on a revenue source.   Of the 41 states with an income tax, Illinois is one of only three that exempt all pension income.

A new report from the Chicago-based Civic Federation says Illinois needs to take a longer-term approach to budgeting; one that is rooted less in politics, and more in reality. Most notably. the group recommends Illinois extend its current income tax rate for a year before gradually rolling it back.

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