Chicago’s higher property taxes hit March 2

By Brad Weisenstein

03/01/2021

Cook County’s first property tax payments are due March 2. In Chicago, property taxes have grown more than 3 times faster than inflation for 20 years.

TAGS: Chicago, Cook County, pensions, property taxes

Illinois House speaker unwilling to take voters’ ‘no’ on ‘fair tax’ for an answer

By Adam Schuster

02/25/2021

Just more than three months after voters soundly rejected a progressive state income tax, new Illinois House Speaker Chris Welch is trying to revive the idea as a fix for state pensions. There is a better solution than the failed ‘fair tax’ scheme.

TAGS: Chris Welch, progressive income tax

Pritzker’s budget pushes 9 new taxes worth nearly $1 billion

By Adam Schuster

02/24/2021

The budget proposal includes no reforms to pensions or other cost drivers, misleadingly labels various business tax increases as ‘closing corporate tax loopholes,’ and relies on gimmicks that conceal true deficits. And there’s a new gas tax.

TAGS: budget, COVID-19, JB Pritzker, tax hikes

Weak accounting standards enable Illinois budget deficits

By Justin Carlson

02/19/2021

While the private sector is held to a higher standard, rules from the Governmental Accounting Standards Board have enabled Illinois to engage in reckless financial practices that harm taxpayers and the state’s economy.

TAGS: accounting, budget, deficit, Illinois Constitution

Full Text: Gov. J.B. Pritzker’s State of the State and Budget Address

02/17/2021

Delivered virtually Feb. 17, 2021, from the Illinois State Fairgrounds

TAGS: budget, COVID-19, JB Pritzker, State of the State

Expected $7.5 billion in federal aid won’t fix Illinois budget crisis without structural reforms

By Adam Schuster

02/16/2021

Illinois needed federal aid far more than other states because of pension crisis inaction, as well as an irresponsible pandemic budget. Bailouts won’t protect taxpayers or services for vulnerable Illinoisans, but reforms can.

TAGS: budget, JB Pritzker, pensions

Fix or sell? Illinois’ high property taxes make either tough

By Hilary Gowins

02/11/2021

The nation’s second-highest property taxes could come down if Illinois cut school bureaucracy and reformed public pensions. Until they do, fixing the housing stock is a tough sell.

TAGS: pensions, property taxes

Chicago had $41,100 in debt per taxpayer before COVID-19, second to New York

By Justin Carlson

02/11/2021

A new report from government finance watchdog Truth in Accounting gave the Windy City an “F” for financial health. Chicago’s massive $36 billion net debt stems primarily from pensions.

TAGS: Chicago, COVID-19, debt, pensions

Illinois’ high corporate tax rate hurts jobs when businesses need COVID-19 help

By Brad Weisenstein

02/09/2021

A new ranking puts Illinois’ corporate tax rates near the top. Still, Gov. J.B. Pritzker wants to extract $900 million more from corporations after failing to stop up to $1 billion in COVID-19 tax credits for small businesses.

TAGS: corporate income tax, COVID-19, jobs, loophole

2021 State of the State: Illinois economy weak before COVID-19

By Orphe Divounguy, Bryce Hill

01/31/2021

Illinois’ weak economic foundations and fiscal mismanagement were preexisting conditions that caused it to suffer a deeper COVID-19 downturn. They will also hurt its recovery.

TAGS: budget, COVID-19, JB Pritzker, recession, State of the State