Illinoisans can take a look at their paystubs and notice the state decided to hike their income tax bill by 32 percent.

A bill that has passed the Illinois House and Senate would provide CPS with a $215 million pension bailout and other funding carve-outs.

Even with 32 percent tax hike, Illinois State Comptroller expects only $5 billion of the state’s unpaid bills to be paid down.

The Illinois Department of Revenue issued details on how to comply with the state’s increase income tax, signaling the reality of higher taxes for Illinoisans.

That total comes from $2.4 million lost due to the absence of Powerball ticket sales and $1.4 million lost due to the absence of Mega Millions ticket sales.

Chicago Public Schools failed to pay in full the $733 million pension payment that was due June 30, instead making a partial payment of $464 million, even after taking out a $387 million loan from JPMorgan.

The Illinois House of Representatives has completed an override of Gov. Bruce Rauner’s veto of a budget plan, including multibillion-dollar tax increases.

More than 240 years ago, a group of individuals stood up against a far-off king who taxed them without recourse. Americans honor their efforts each year on Independence Day. The Illinois General Assembly had a funny way of celebrating this year. On July 2, the Illinois House of Representatives passed a budget that includes the...

Though the Illinois House of Representatives appears close to overriding Gov. Bruce Rauner’s veto of a tax hike budget plan, and thereby ending Illinois’ more than two years without a full-year budget, Moody’s Investors Service has said it might still downgrade the state’s credit, largely due to Illinois’ unsustainable debt.

Moody’s Investors Service said simply passing a budget won’t be enough to avoid junk because it doesn’t address Illinois’ many crises.