Despite being sold as property tax “relief,” new legislation in Springfield would only shift property tax burdens on to certain taxpayers, while complicating an already confusing property tax system.
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.
Illinois state government works to prioritize special interests over taxpayers – and the budget deal being negotiated in the Senate would continue that.
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.
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.