Not only would a progressive income tax hike end up taking more money directly from all taxpayers’ pockets, but it would also have negative economic effects on jobs growth, after-tax income adjusted for cost of living, and overall economic output.View Report
The Gem City joins a growing list of Illinois municipalities raising property taxes to pay for pensions.
As pension costs explode for Winnetka and the rest of Illinois, owners of the “Home Alone” house featured in the 1990 film are feeling the effects.
Less than 50 cents of every additional property tax dollar over the last 20 years went to pay for services that raise home values. Instead, the primary driver of the rise in property taxes was pension costs.
A new study shows 13 percent of Chicago-area homeowners with mortgages owed at least 25 percent more than their homes were worth.
Statewide use of slush funds ensures it’s Christmas every day for political leaders and their chosen developers.
Illinois homeowners’ property taxes are among the highest in the nation. They are consuming more and more of Illinoisans’ incomes.
Illinois has by far the most units of government in the nation, at nearly 7,000.
The state’s high-tax burden is not only hurting struggling taxpayers’ pockets, but is also depreciating home values across Illinois.