By Ameya Pawar and Ted Cox, includes “The failure of the Fair Tax Amendment has put Illinois in a box, no doubt about it. It’s cost the state an estimated $3.4 billion in revenue just at a time when tax revenue is already being lost in the economic calamity brought on by the coronavirus. … Pritzker announced last week the state would be borrowing an extra $2 billion from the Federal Reserve’s Municipal Liquidity Facility … But there was a major problem with the way the fund was set up, in that it continues to charge state and local governments interest on what’s still considered loans. …”
Read the full article on: One Illinois