Illinois just saw a $1.76 billion drop in state income tax collections, proving what a new study just showed: state tax policies give it the nation’s eighth-most volatile revenues. That also makes Illinois very vulnerable when a recession hits.
April 2023 Illinois state income tax collections came in $1.8 billion lower than April 2022, leading state forecasters to make massive cuts in expected 2023 revenue.
Illinois is eighth in the nation for most expensive gas, and reduced oil production in May could drive prices even higher. It all means more taxes for the state.
Illinois’ congressional Democrats asked for an additional $25 million to pay for security at the 2024 Democratic National Convention in Chicago. Host cities typically receive $50 million.
Illinois homeowners have lost the full value of their homes over relatively small tax debts. But a case now before the U.S. Supreme Court could end that practice in Illinois and across the country.
Chicago’s incoming mayor, Brandon Johnson, has a long list of tax proposals for the city, but he will have to get all of them past the City Council and some past the Illinois General Assembly.
Fifty-eight percent of Illinois voters polled said their property taxes don’t provide enough value in public services. Illinoisans pay the second-highest property taxes in the nation.
April 20 marks Illinois’ fourth high holiday with recreational marijuana. Here’s how cannabis tax dollars are used. March’s monthly sales topped $135 million.
Chicago is in line for casino gaming soon, but its success is dwindling as video gaming machines and sports betting rise.
Aliki Marinos and her brother, Frank, run Bel-Mar Wire Products, a small-scale manufacturing business founded by their father, Tom Marinos, in 1972. In December, they got a property tax bill 3.7 times higher than it had been the year before. To pay for it, they were forced to let go about half their staff. Now,...
Mayoral candidate Brandon Johnson owes the city more than $4,000 in unpaid bills and fines, including traffic tickets dating back to 2014. With income over $178K, he invokes ‘working-class’ struggles.
A new WalletHub study found the typical household in Illinois pays 15% of its income to state and local taxes, the highest in the nation. That’s an average of $10,463 – a 22% hike since 2017.
Illinois Families for Public Schools released a statement denouncing tax-credit scholarships in Illinois. Invest in Kids grants low-income students a scholarship to attend a private school of their choice.
Gov. J.B. Pritzker introduced a Teacher Pipeline Grant Program to address teacher vacancies, but getting more money into classrooms rather than it chasing retirement debt is a better solution.