Illinois Budget Gap a Concern for Municipal Bond Market: Fitch

The video discusses Illinois' financial challenges, focusing on the structural budget gap and pension issues. It highlights the importance of fully funding pension contributions and the impact of tax changes, such as the SALT deduction. Chicago's role as an economic center is emphasized, along with the state's revenue flexibility. The discussion also covers the potential effects of a progressive income tax, which requires a constitutional amendment and voter approval in 2020.

What role does Chicago play in the economic outlook of Illinois?

What are the implications of the proposed progressive income tax in Illinois?