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
Rising pension costs in Illinois’ fifth-largest city are pushing Rockford near the edge of a fiscal cliff – a fate that officials are looking to reverse with a series of steep public service cuts.
Large pension payouts in the face of flat incomes for taxpayers raise questions of fairness.
The county board approved a $3.5 million property tax levy increase for 2019.
Despite regional struggles and a shrinking population, taxpayers in southern Illinois have been saddled with rapidly growing pension costs.
The Chicago firefighters pension fund has filed claims with the Illinois comptroller for $3.3 million in shorted pension contributions, an action that could worsen city finances and service delivery.
A real estate investment deal arranged by a firm that employed former Mayor Richard M. Daley’s nephew has dealt a blow to Chicago’s cash-strapped pension funds, underscoring the need for a 401(k)-style alternative.
A proposed 1 percent sales tax for school facilities improvements would bring the city of Springfield’s combined sales tax rate to 9.75 percent – among the highest in the nation.
One former Schaumburg Park District employee alone has accumulated more than $1 million in pension benefits after retiring at age 55.
Gov. Bruce Rauner vetoed a measure that would let Lake County voters elect an assessor, suggesting that it apply to all counties instead.
According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.