Budget + Tax

Cook County Sheriff sends out 110 layoff notices as soda tax remains on hold

An Illinois appeals court upheld a temporary restraining order on Cook County’s proposed sweetened beverage tax. The Cook County sheriff’s office has sent out 110 layoff notices, citing the soda tax holdup. These layoffs come on top of 300 county worker layoffs. Cook County officials claim at least 1,100 jobs will be lost if the tax does not go into effect.

By Marianna Schmiesing

Illinois school finance bill bails out Chicago

A bill that has passed the Illinois House and Senate would provide CPS with a $215 million pension bailout and other funding carve-outs.

By Ted Dabrowski, John Klingner

Illinois comptroller’s plan to pay off state’s bill backlog includes borrowing more money

Even with 32 percent tax hike, Illinois State Comptroller expects only $5 billion of the state’s unpaid bills to be paid down.

By Marianna Schmiesing

Property taxes grow faster than Illinoisans’ ability to pay for them

Illinois homeowners’ property taxes are among the highest in the nation. They are consuming more and more of Illinoisans’ incomes.

By John Klingner, Evelyn Hussey

Cook County’s sweetened drink tax still hasn’t taken effect

An Illinois appeals court upheld a temporary restraining order on Cook County’s proposed sweetened beverage tax. Cook County officials claim 1,100 jobs will be lost if the tax does not go into effect.

By Marianna Schmiesing

Emanuel shrugs at possible credit downgrade for Chicago

Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.

By Robert Brutvan

Forgotten Illinois: Round Lake

After speaking with folks in Round Lake for months, we knew the families of Lake County had each other’s backs when times were tough. We knew these communities were strong. But the events of this week have revealed the true strength of those ties. The families of Lake County are now working tirelessly to rebuild...

Illinois budget ends tax break early, cost of gas to go up

As part of the just-enacted state budget, the General Assembly has moved up the expiration of a tax break for sales of gasoline mixed with ethanol. This will likely make the price at the pump go up.

By John Klingner

Moody’s right, S&P wrong on Illinois budget

Illinois’ bond rating may not be junk, but the state’s finances still are.

By Ted Dabrowski, John Klingner

Understanding why the new budget fails Illinoisans

Tax hikes on struggling Illinoisans as the state is bordering on a recession, a lack of structural spending reforms, no true pension reform, $100 million in pork spending, and the continued threat of a junk credit rating are among the ways the new Illinois budget fails taxpayers.

By Ted Dabrowski, John Klingner

After historic tax hike, the real pain has just begun

The state will eat a 32 percent larger chunk out of most workers’ paychecks, retroactive to July 1.

By Austin Berg

Chicago home to costliest on-street parking in nation, according to report

High parking fees in the city only add to the heavy burden of taxes and fees Chicagoans face.

By John Kristof

Illinois income tax increase now in effect

The Illinois Department of Revenue issued details on how to comply with the state’s increase income tax, signaling the reality of higher taxes for Illinoisans.

By John Kristof

Rockford receives credit downgrade as pension debt grows

As pension debt mounts, Moody’s Investors Services has downgraded the city of Rockford to an A2 rating.

By Robert Brutvan