Chicago’s mayor wants permission from Springfield to impose a new tax on high-end professional services and raise taxes on pricier home sales, as the city faces down a $1 billion deficit.
More than 9,000 Illinois school district administrators earn more than $100,000 a year. Each of them will collect at least $3 million in pension benefits during retirement.
A plan that allowed some pension enrollees to cash in early on their earned retirement benefits in exchange for curbing future benefits has so far generated only 3% of its expected savings.
The budget signed into law by Gov. J.B. Pritzker included a $1,600 pay raise for the Illinois General Assembly – which already collects the nation’s 4th-highest base salary for state lawmakers.
The Chicago Teachers Union is threatening to strike, as negotiations with the city begin to stretch into the coming school year. It would be the union’s third strike in seven years.
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.