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What does Illinois spend on taxes?

Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.

How much is Illinois debt?

In the fiscal year of 2021, Illinois state debt stood at about 64.74 billion U.S. dollars. By the fiscal year of 2027, this is expected to increase to about 81.61 billion U.S. dollars. The national debt of the United Stated can be found here. CharacteristicState debtLocal government debt---12 more rows Sept 30, 2022

What is the annual spending in Illinois?

ing to NASBO, Illinoiss recent expenditure totals (general fund spending/total spending, including federal transfers) were: FY 2022: $43.5 billion.

Are Illinois finances improving?

Illinois docHub improvement to its fiscal outlook has been noticed by the states credit rating agencies, which have upgraded Illinois General Obligation Bond credit ratings a total of six times during the past year. intentions for the upcoming fiscal year and for the subsequent four fiscal years.

What are the major expenditures of the government?

Federal government spending pays for everything from Social Security and Medicare to military equipment, highway maintenance, building construction, research, and education. This spending can be broken down into two primary categories: mandatory and discretionary.

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What is the financial status of Illinois?

One last indicator of the States financial health is its credit rating. In 2021, Moodys and Standard and Poors (SP) rating agencies upgraded the States credit rating from BBB- (SP)/Baa3 (Moodys) to BBB/Baa2.

What is the largest single item in the Illinois state budget?

The largest single revenue source for the enacted FY2022 General Funds budget is individual income taxes, which are expected to total $20.8 billion, or 49.1% of all revenues. Sales taxes will be the second largest revenue source at $9.3 billion, or 21.8% of all General Funds revenues.

Where does most of Illinois tax money go?

Tax Day: Where do Illinoisans state tax dollars go? Spending on pensions has grown 663 percent. Spending on employee health insurance has grown 215 percent. Spending on preschool through high school education has grown 65 percent. All other spending has grown by just 16 percent.

What is an example of government expenditure?

Governments spend money producing and purchasing goods and services (e.g. defence, education and health care) and on redistribution programmes (e.g. pensions and unemployment insurance).

How much is Illinois in debt 2022?

Illinois With total assets of $53.05 billion, Illinois has $187.7 billion in unfunded liability. This creates a debt ratio of 468.7%, the largest in the U.S. To pay that off, every person in Illinoiss 12.7 million population would need to pay $14,780.

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