Redirecting some of Illinois’ school district administrative overhead could attract top talent to the more than 4,100 teacher openings. The savings could be $1,317 per taxpayer in one veteran teacher’s hometown. Reform pensions, and that amount grows.
“I have good relationships with my tenants, so I do everything I can to help them. My husband and I hoped to pass the building on to our son, yet these taxes put business and property owners in a tough spot.”
Chicago might spend $32 million on the nation’s largest test of universal basic income. What happens after that year is one question, as is whether handing out cash will truly fix anything.
A new report from watchdog Truth in Accounting shows each taxpayer’s share of state debt has nearly doubled since 2009 to $57,000 as total debt increased by $10 billion—mostly due to pension obligations.
Soldier Field is the NFL’s oldest stadium and home to the bears since 1971. Though their city contract runs through 2033, many expect the team will move to the suburbs after the purchase of Arlington Park in the northwest suburbs.
During the past decade, one of the few taxpayer-supported local history museums in Illinois collected over $2 million. That is ending, but not before another $300,000 in taxes is handed to the museum.
An underused airport near Belleville, Illinois, has required local taxpayers to chip in $119.5 million since 2002 to keep it operating. Even with pandemic money, 2020 was even worse.
“A $60,000 increase isn’t gradual. I thought, ‘This has to be a mistake. Someone must have spilled their coffee, added a zero, or something.’”
Chicago homeowners are likely to see average property tax bills rise between $72 and $180 based on the city’s new budget. Higher taxes are driven by $47 billion in pension debt, but pension reform can change that.
Illinois missed the September deadline to repay a $4.2 billion federal unemployment loan. Employers warn inaction by state lawmakers could ‘cripple’ businesses and the COVID-19 economic recovery.
Property taxes keep going up, but services aren’t improving. Paying more and getting less is a trend that residents want to see reversed.
The Windy City tied with four other major cities as imposing the nation’s second highest sales tax on residents among 124 considered. The report warns the city’s new status could be costing Chicago businesses their competitive edge.
Automatic transfers into Illinois’ rainy-day reserves could help when another fiscal crisis similar to COVID-19 happens.
Gov. J.B. Pritzker has added more than $5.24 billion in new or higher taxes and fees since taking office. Despite all that new revenue, the nation’s highest taxed state remains a fiscal mess unable to balance a budget for 21 years.