Property tax increases cannot be capped without addressing the costs driving high property taxes. Some lawmakers are ignoring that to draw support for Gov. J.B. Pritzker’s progressive tax.
Youthful wealth, energy and talent that could help Illinois recover is leaving the state at the nation’s second-highest rate. State leaders’ thirst for new taxes will make the problem worse.
The Illinois General Assembly and governor devised 20 different ways to take more money from taxpayers to finance spending on government operations and infrastructure.
Contrary to claims from both Republicans and Democrats, and despite raising nearly $1.1 billion in new taxes and fees for operations, the fiscal year 2020 budget is out of balance by between $574 million and $1.3 billion.
Illinois Gov. J.B. Pritzker’s amendment would allow Illinois to impose an effective corporate income tax rate of up to 15.28% – the nation’s highest by far.
An amendment that would allow lawmakers to scrap Illinois’ constitutionally protected flat income tax and replace it with graduated tax rates will appear as a referendum question on voters’ 2020 ballots.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.