Illinois needs to spend $4.9 billion more annually to pay for pensions, but the “millionaire tax” would only raise an estimated $3-$4.3 billion. That’s too little for the pension bills and would leave nothing for property tax relief.
Implementing the “millionaire” tax would give lawmakers the power to tax retirement income. Every state with a progressive tax also taxes retirement income.
A push to raise Illinois’ income tax may create the most extreme business income tax rate in the nation. “Millionaire tax” could hurt jobs in a state already struggling.
Combined state and federal income taxes would have small businesses pay more than 50% of their top-end income in taxes.
Halloween shoppers can stay clear of Illinois’ spooky candy tax if they know the right candy to buy.
The Chicago budget has grown by over $6 billion since 2019. Despite being bolstered by billions in federal relief, the city is facing nearly a $1 billion deficit in the coming fiscal year.
Illinois’ state budget needs more than $6.3 billion to cover its own shortfalls before it can provide property tax relief to Illinoisans.
Champaign County has spent over $60,000 on a promotional campaign for a local sales tax hike using taxpayer funds. It might surpass $100,000 by Election Day.
Chicago transit ridership is barely 60% of pre-COVID levels while the budget is 30% higher, now they face a $577 million budget shortfall.
You will see a survey on the Nov. 5 election regarding Illinois taxes. Lawmakers can then use the results to see how voters feel when considering new laws.
Illinois towns have started passing local grocery taxes that will take affect once the state grocery tax phases out in 2026. Will your town be next?
Illinois is doing away with the statewide grocery tax. Look below to see how much taxpayers in your town or county will save when the tax goes away in 2026 – unless local leaders decide to keep it.
Illinois drivers are expected to pay nearly $2 billion in state gas taxes by the end of the year, more than twice what they paid before Gov. J.B. Pritzker took office and doubled the tax. Pritzker’s tax hike took $4 billion extra from drivers between 2019 and 2023.
Illinois’ combined state and average local sales tax is the seventh highest in the nation. It is the highest among the most populous states.