IL Gov. JB Pritzker will lay out his budget proposal for the next year during a noon speech today. During his much anticipated budget address he is expected to highlight the state’s dire fiscal picture, while also proposing new streams of revenue and a boost in education funding, according to an administration source.
The state faces a $3.2 billion budget deficit and nearly $15 billion in unpaid bills. In order to address the financial crisis Pritzker seeks a progressive income tax. Other possible revenue streams that have been mentioned are increasing a tax on vaping and e-cigarettes, legalization of recreational marijuana, and sports betting.