While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.View Report
The proposed $100.8 million budget will spend millions on police and fire pensions as well as a 3 percent pay raise for city workers.
Some businesses would see license fees double, among other fee hikes meant to shore up city finances.
Mayor Rahm Emanuel’s budget proposal includes jacked-up costs for business licenses and stricter noncompliance penalties.
The increase comes after last year’s hike, which cost yearlong commuters an extra $141 annually for their monthly passes. Metra officials have not ruled out further fare hikes or service cuts.
Mayor Rahm Emanuel looks to increase costs for Chicagoans to fill budget shortfalls and failing pensions.
Cities and villages across the state are raising taxes or implementing new ones for a variety of functions, from attracting a fast-food restaurant to catching up on rising pension costs.
As Chicago faces a budget gap approaching $260 million, one alderman suggests more ticketing to close the shortfall.
Blaming Illinois state budget cuts, Metra considers raising fares in 2018, despite previous fare schedule.
Illinois Tollway fees were pitched to taxpayers as temporary, but have become a permanent cost for drivers.
Chicago alderman suggests admission charge to sponsored festivals as way to raise revenue.