Chicago property tax bills are on the rise again, thanks to the city’s massive pension debt. Mayor Lori Lightfoot compared the latest property tax hike to additional toppings at lunch.
Illinois offers generous pensions to public workers, but some workers engage in legal schemes that give them more than their fair share. Here are some common Illinois pension games that taxpayers are forced to fund.
Taxpayer contributions accounted for 56% of the money that flowed into Illinois’ pension funds in 2000. Two decades later, residents funded 84% of public employees’ retirements, yet pension debt is still growing.
Unrealistic assumptions and missed investment returns have meant Illinois taxpayers paid $13.7 billion more for public pensions than state leaders projected five years earlier. Unless the estimates improve, taxpayers will pay an extra $21.3 billion during the next decade.
Polling showed 61% of Illinois voters would approve an amendment to the state constitution changing future pension benefits while guaranteeing those already earned by public employees. Taxes remain Illinoisans’ top concern.
Gov. J.B Pritzker touted his record on pensions, claiming his administration reduced pension debt. He cites an analysis of state pension data but fails to mention its conclusion suggesting reform.
The former Illinois House assistant majority leader received a taxpayer-funded pension worth $129,000 between his retirement in 2019 after being arrested for bribery by federal authorities and his conviction in 2022.
Illinois Gov. J.B. Pritzker’s campaign gimmick to delay his next gas tax increase assumes Illinois drivers have a short memory. One working mom says her $72 fill-up is a regular reminder of just how many taxes Pritzker has imposed.
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.