In Illinois’ fifth year of recreational cannabis sales, it’s already made nearly $180 million in tax revenue. But it is losing sales to neighboring states with lower taxes.
Illinois has the worst rainy-day fund in the nation and has only enough cash to last for 15 days. It’s the only state that wouldn’t last a month.
Illinoisans with children younger than 3 could soon get a break on their state taxes. Gov. J.B. Pritzker’s newest budget would let qualifying parents around the state keep $12 million in taxes.
Gov. J.B. Pritzker wants to take nearly $100 million more from Illinoisans through state income taxes, averaging $45 per family.
Illinoisans are expected to again bet big on college sports during March, driven by March Madness. Sports wagers put $1B into Illinois government accounts last year, ranking it No. 3 in the U.S.
Voters on the South Side and West Side of Chicago supported Mayor Brandon Johnson just a year ago. They just vehemently rejected his plan to raise the real estate transfer tax, which threatened businesses and lacked details about easing homelessness.
In 2020, 70% of Chicago voters approved the failed statewide progressive income tax. But on March 19, they rejected Mayor Brandon Johnson’s real estate transfer tax hike. This is a resounding defeat for Johnson and his allies in the Chicago Teachers Union.
Chicago voters were giving a thumbs down on the referendum to raise the real estate transfer tax on million-dollar properties known as “Bring Chicago Home,” with 54% voting “no” with 96% of the precincts reporting.
Chicago is approaching $300 million spent on the migrant crisis since the first bus arrived in 2022. Nearly two years later, more than 11,200 migrants are in the city shelters.
The city’s data shows there are 6,139 homeless Chicagoans. That number has barely budged since 2014, when the city counted 6,294 homeless Chicagoans, but city spending on homelessness has jumped from $21.7 million in 2014 to $58 million in 2023.
The Illinois Supreme Court rejected a petition to invalidate votes on the “Bring Chicago Home” referendum. Voting ends March 19.
“Bring Chicago Home” would classify more than 100 grocery stores as high-end properties that need to “pay their fair share” if sold. Chicago Mayor Brandon Johnson’s rhetoric fails to match his tax hike’s realities.