Voters statewide will decide whether nearly 2,300 southern Naperville and Aurora taxpayers should send $30 million in additional income taxes to Springfield.
Turmoil overseas for the world’s leading exporter of crude oil will mean more pain at the pump for Illinoisans, after enduring a doubled state gas tax in July.
In a single year, Illinoisans witnessed their state’s net worth drop by a staggering 35%, or $47.4 billion, despite shouldering the largest permanent income tax hike in state history.
Gov. J.B. Pritzker’s “fair tax” plan falls far short of the revenue needed to pay for his spending promises – feeding fears of future tax hikes on middle-class families.
The elections scheduled for November 2020 are already injecting uncertainty into the economy, and the progressive income tax ballot question will make matters worse.
Property tax increases cannot be capped without addressing the costs driving high property taxes. Some lawmakers are ignoring that to draw support for Gov. J.B. Pritzker’s progressive tax.
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.