Ever notice that going out to eat seems more expensive in Chicago than other cities? One of the reasons is that on top of the very high sales tax in Chicago, there are additional taxes on meals in restaurants: 0.25 percent Chicago restaurant tax and 1.0 percent Metropolitan Pier and Exposition Authority (MPEA) food and...

by Kristina Rasmussen The Cook County Board of Commissioners is looking at a broad array of tax and fee hikes to make up for a budget shortfall, and significant increases for wine, beer, and liquor taxes are all on the menu. These tax hikes pose a direct threat to local bar and restaurant operators, many of...

by Amanda Griffin-Johnson Yesterday, Chicago’s new mayor, Rahm Emanuel, released his first budget proposal. In his prepared budget address, he acknowledged that Chicago’s history of unbalanced budgets could not continue, and he recognized that “What we cannot do, however, is to protect the status quo by asking more of Chicago’s taxpayers. Raising taxes will drive more people...

by Amanda Griffin-Johnson Like many state governments, city and county governments across the country are facing huge unfunded pension liabilities. Recently, researchers from the University of Rochester and Northwestern University found that the average unfunded municipal pension liability per household is about $15,000. Unfortunately, Chicago has the highest per household unfunded pension liability of the 50 cities...