What I was driving at is that Illinois, if it was so inclined could simply set a new income tax of 60%, or 75%, or whatever they wanted. There would surely be he11 to pay but that action is entirely within the purview of the GA.
I agree that IL is looking for a handout, but I think that that will be a real tough sell since so many other states are in the same boat and just waiting for the feds to bail the first one out.
Main point is that Illinois is going to have to grow up and take care of itself.
There isn't going to be bankruptcy relief.
I can tell you if Illinois set a income tax, even to 11 percent for high income,there would be no high income. They would make less money right away. Almost any of the top 10% can be somewhere else or change their income status or state without too much hardship. I too have a home in Wisconsin. I already buy much of my stuff there. Any big ticket item, even cars. My wife has a Wisconsin drivers license I have Illinois. The only thing they can get us with is property taxes.
Illinois needs to start raising income tax on government pensions including those who don’t live here. Because the money was made here. They should be able to tax it even if they live in Florida. If they set a minimum of $40K it would not touch Social Security. That would not solve the problem but it would make a large dent, that would affect those who caused the issue in the first place.