Comparison of Education Funding Reform Strategies –Obtained in part from Core 4 Kids website we added our column.

1/21/04	CTBA / Ralph Martire	Cook County Assessor/ James Houlihan	Lt Governor Pat Quinn	Students First / Ron Gidwitz	No Taxpayer Left Behind -CRAFT
Additional Funding for Education each year	$1.8 Billion (Increase the foundation level as provided in EFAB/ Augenblick & Myers)	$1.5 Billion	$575 million (approximately $277 additional/student for every district in the state)	$2 billion (based on EFAB recommendation—assumption is that it would also be distributed according to the existing GSA formulas)	No additional funding needed. Control spending.
Sources of Additional Revenue	Increased personal / corporate income tax Expand Sales Tax base	Increased personal income tax Expand Sales Tax base	Impose a 3% surtax on individuals who report an adjusted gross income of $250,000 / year or more.	Reallocate and prioritize funds from the $27 billion in the state budget that is “discretionary.”	No additional Revenue needed control spending.
Property tax relief	YES 20-25 % reduction in property taxes currently used to fund education	YES Approximately a 25% reduction in property taxes currently used to fund education statewide	YES $575 million would be distributed in equal amounts to every taxpayer who is an owner-occupier of residential property	NO	Property tax relief from reduced costs at local discretion.Growth and inflation provide necessary fund increases.
Other components?	Restructuring the fiscal system so it is fair and services are sustainable; Approximately $2.5 billion of the increased revenue is used to eliminate the structural deficit A systemic approach	Restructuring the fiscal system A systemic approach	NO	NO	No Taxpayer Left Behind
How would this be accomplished?	Legislation	Legislation	Requires a constitutional amendment	Budget allocation	Legislation.

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