Illinoisans are struggling under the highest property tax burdens in the country. Many of the reasons for those high taxes are known – too many local governments, executive pay for local administrators and rising pension costs. What taxpayers don’t know is that local school districts have billions in debt, which drives up property taxes even further....View Report
Bailout bills moving in the Illinois General Assembly would attempt to turn Illinois’ massive debt problems into guaranteed profits for banks and bondholders and a lower standard of living for other Illinoisans.
State and local tax hikes in Illinois have hurt economic growth, lowered the standard of living, and contributed to out-migration.
Despite Illinois’ billions in deficit spending and skyrocketing debt, the Illinois House of Representatives passed House Bill 278, which would transfer an additional $300 million per year of state income tax funds to local governments, continuing to prop up local overspending that fuels high property taxes.
Lawmakers on both sides of the aisle grow more and more powerful as the size of state and local government increases.
In 2015 alone, Illinois state government redistributed more than $12 billion in income and other taxes to local governments. These financial shell games have created a needlessly complex system and make it difficult for local taxpayers to hold their governments accountable.
Income-tax revenue represents just one-sixth of the $6.1 billion the state gives to local governments every year. Proposed reforms would leave untouched the vast majority of that money.
If taxpayers can get a bigger bang for their buck, they should get it.
Local governments must pare their budgets, forcing them to identify best practices they should have found already.
Lake County gets back just 73 cents for every dollar it pays into the LGDF.
DuPage County gets back just 79 cents for every dollar it pays into LGDF.