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.
Chicago’s mayor wants permission from Springfield to impose a new tax on high-end professional services and raise taxes on pricier home sales, as the city faces down a $1 billion deficit.
Station owners said Illinois businesses were damaged July 1 when the gasoline tax doubled. Tax increases are keeping Illinois pumps quiet and cooling cigarette sales.
Chicago is tied with two other cities for the highest sales tax rates for a major U.S. city, adding another superlative for taxation of residents and visitors.
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.