Derrick Hoffman

Lawmakers in Springfield passed a record-setting $55.9 billion state budget at 4:13 a.m. on the final day of the legislative session. Instead of passing structural spending reforms, they predictably relied on the usual combination of massive tax hikes, budgetary gimmicks, and, of course, a pay raise for themselves. Here is what is included in @GovPritzker's new budget: >A $300 million corporate tax hike created by capping net-operating-loss deductions. This limits a business's carryover deduction and punishes companies trying to recover. >A new fee on social media companies. This burden will ultimately be passed on to Illinois users in the form of higher prices. >A controversial 10% digital ad tax targeting "targeted advertising services." This tax could cost businesses up to $800 million. $185 million in fund sweeps. This includes draining $150 million from the Road Fund just to cover general spending operations. Meanwhile, the state's biggest financial crisis--$144 billion in pension debt--continues to be ignored, as the state is shorting its necessary pension contribution by over $5 billion this year alone. We quite literally cannot afford this. illinoispolicy.org/illinois-…