If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...View Report
According to one estimate, Chicago Alderman Ed Burke is trying to cut the property tax bill for Trump Tower by more than $3 million.
One change in federal tax code – and Illinois lawmakers’ response to it – could decide the economic trajectory of the state.
Illinois will need more foreign investment, and major reforms to the state’s business climate, in order to get off the weak economic path it now treads.
Local lawmakers should consider Trump’s plan and position the state to thrive under federal changes.
The corporate tax reforms under President Donald Trump’s proposed tax plan could strengthen Illinois’ position as a home for businesses, but the state’s uncompetitive income, property and death tax policies would put its residents at an even greater disadvantage with respect to other states if the president’s plan passes.
As the federal government repeals regulations requiring broadband companies to obtain consumers’ consent before using their browsing history and other personal information to create targeted ads, Illinois state politicians are moving to ramp up privacy protections. However, whether these bills would actually further those privacy goals or whether they would merely bolster Illinois’ class-action lawsuit industry while burdening businesses are open questions.
Flawed property valuations and the process required to fix them are a cash cow for law firms, including those of House Speaker Mike Madigan, Chicago Alderman Ed Burke and Illinois Senate President John Cullerton.