Politicians’ quick answer to the state’s problems is consistently to raise taxes, but evidence shows tax hikes are a negative for families struggling in a state already lacking opportunity.
Property-tax hikes have caused taxes on NBA star Dwyane Wade’s former house to more than triple, driving away prospective buyers and showing the harm Illinois’ sky-high property-tax rates inflict on homeowners.
A new Chicago financial report shows the city’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014.
Flawed property valuations and the process required to fix them are a cash cow for law firms, including those of House Speaker Mike Madigan, Chicago Alderman Ed Burke and Illinois Senate President John Cullerton.
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.