HJ0087 98TH GENERAL ASSEMBLY

HJ0087 LRB098 20595 MST 56958 r

HOUSE JOINT RESOLUTION

WHEREAS, The State of Illinois has been in economic turmoil for years and has gained notoriety across the country for spending outside of its means and falling into enormous debt that burdens Illinois's taxpayers; and

WHEREAS, Illinois has a total debt of $187,000,000,000 equaling roughly $40,000 in debt per household in the State; and

WHEREAS, A recent Commission on Government Forecasting and Accountability report estimates Illinois's unfunded pension liabilities alone total $100,500,000,000; and

WHEREAS, The Illinois Comptroller has reported that the State currently has $7,000,000,000 in unpaid bills and $30,000,000,000 in bond debt; and

WHEREAS, In 2011, as a promise to Illinois taxpayers to pay off debt and to stabilize the State's economy, Illinois lawmakers pushed through a record income tax increase that raised the income tax rate on individuals to 5% from 3%, and on corporations to 7% from 4.8%; and

WHEREAS, Since the tax increase was passed, Illinois's pension debt has grown and the State's economy has struggled due to increased spending; and

WHEREAS, The tax increases and irresponsible borrowing have forced businesses and residents to flee the State for more tax friendly and financially stable states that offer more hope for success; and

WHEREAS, The citizens of Illinois have been calling upon their elected officials to stand against wasteful spending and to assure its citizens that the Illinois General Assembly is ready to make the necessary changes to put Illinois on the path to prosperity while giving a much needed relief to taxpayers; and

WHEREAS, Real solutions exist to Illinois's massive debt and spending problems and these solutions exist without increasing the already high tax burden on its citizens; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE SENATE CONCURRING HEREIN, that the Illinois Legislature is encouraged not spend outside of its projected 2014-2015 revenue estimate of $34,495,000,000 as acknowledged in HJR80 of this General Assembly and that every legislator in this State recognize that Illinois can no longer spend more money than it brings in through revenue and can no longer ask its citizens to bear the burden of government misspending; and be it further

RESOLVED, That the Illinois Legislature is urged to keep its promise and allow the temporary tax increase to sunset on January 1, 2015 as scheduled and to enact real spending reforms.