Illinois school finance bill bails out Chicago
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.
Illinois comptroller’s plan to pay off state’s bill backlog includes borrowing more money
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.
Property taxes grow faster than Illinoisans’ ability to pay for them
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.
Cook County’s sweetened drink tax still hasn’t taken effect
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.
Emanuel shrugs at possible credit downgrade for Chicago
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.
Forgotten Illinois: Round Lake
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
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.
Moody’s right, S&P wrong on Illinois budget
Moody’s right, S&P wrong on Illinois budget
Illinois’ bond rating may not be junk, but the state’s finances still are.
Understanding why the new budget fails Illinoisans
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.
After historic tax hike, the real pain has just begun
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.
Chicago home to costliest on-street parking in nation, according to report
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.
Illinois income tax increase now in effect
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.
Rockford receives credit downgrade as pension debt grows
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.
CPS borrows another $500M at sky-high interest rates
CPS borrows another $500M at sky-high interest rates
Chicago Public Schools has issued an additional $500 million in long-term high-interest bonds, following $387 million the district borrowed from JPMorgan in June.