Gov. Bruce Rauner has suggested funding CPS with tax increment financing, or TIF, funds; this would temporarily bail out the district, but more needs to be done to address serious concerns about Chicago’s TIF program.
A golden rule of finance is this: Debt that can’t be paid won’t be paid.
More than half of Illinois voters want lawmakers to balance the budget by only cutting state spending.
A new proposal from state Sen. Toi Hutchinson, D-Chicago Heights, would tax internet streaming services in Illinois, much like the potentially illegal internet streaming tax implemented in Chicago.
In the wake of the “grand bargain” budget plan failure, an Illinois politician has proposed applying the 6.25 percent state sales tax to a broad range of services.
Taxpayers shouldn’t be on the hook for such costly promises as they struggle to find opportunities of their own.
The Senate adjourned yesterday without taking any votes on the "grand bargain."
The Illinois Senate’s proposed budget deal is full of tax hikes because it lacks the necessary spending reforms needed to right Illinois’ fiscal ship.
On average, Illinois schools spend $13,077 per student.
The city’s latest taxpayer-funded development project reinforces the need to eliminate tax increment financing in favor of honest and transparent city budgeting.
Illinois lawmakers need a new approach to budget-making – one that takes into account the state’s financial mess, shows respect for taxpayers, and prioritizes spending to meet the needs of the poorest and most disadvantaged residents.
Local governments create TIF districts to encourage development in “blighted” areas; but TIFs often don’t deliver on promised economic benefits, while they do divert tax dollars from other uses and create opaque slush funds for the mayor to reward insider developers.
Lisa Madigan lost the first round in her quest to stop state worker pay during Illinois’ budget impasse. But that doesn’t mean the matter is settled. The attorney general could take this issue all the way to the Illinois Supreme Court.
The governor should reject tax hikes and push for the structural spending reforms Illinois needs to fix its fiscal crisis and improve its economy.