Evidence from Connecticut suggests the progressive income tax could cost Illinois homeowners substantial equity in their homes.View Report
Over the objections of Chicago Mayor Lori Lightfoot, who called the legislation “irresponsible,” state lawmakers passed a bill to increase the cost-of-living adjustment for 2,200 Chicago firefighter pensions to 3% from 1.5%. Gov. J.B. Pritzker should veto it.
Sales taxes can exceed 10% in Illinois depending on where consumers do their holiday shopping. The average has been creeping up in recent years.
Chicago leaders are using another gas tax hike to help fill a budget hole driven by pensions. Total gas taxes and fees are closing in on $1 per gallon.
Chicago Mayor Lori Lightfoot is trying to raise revenue to close large revenue gaps partially brought on by the COVID-19 pandemic.
Lightfoot’s budget depends on borrowing and property tax hikes.
The same law that doubled Illinois’ gas tax is now being used by DuPage County and Chicago to fill revenue shortfalls from COVID-19.
The proposal comes a year after mayor pledged to provide relief to residents from regressive fees. She said the move is about safety, but Chicago is seeking cash.
A typical Chicago homeowner faces up to $255 in potential property tax increases to cover city and school deficits. City income taxes could be next, if the ‘fair tax’ were to pass.
Chicago’s longest-serving alderman used his power as chair of the City Council Finance Committee to pad staffs, give himself a security detail.
Chicago leaders have been unable to finish developing valuable land after 23 years and $331 million in taxes, but convinced state leaders more time and money were needed.