Illinois House Speaker Mike Madigan reportedly uses his large quantity of Cubs and White Sox tickets as gifts for his political volunteers, but his history with professional sports teams in Chicago isn’t so generous.
Springfield lawmakers passed a ceremonial resolution March 8 congratulating the Chicago Cubs on winning the 2016 World Series. But that pat on the back doesn’t make up for the adversarial relationship politicians have held with the Cubs and other professional sports franchises in Chicago.
Gov. Bruce Rauner has suggested funding CPS with tax increment financing, or TIF, funds; this would temporarily bail out the district, but more needs to be done to address serious concerns about Chicago’s TIF program.
The city’s latest taxpayer-funded development project reinforces the need to eliminate tax increment financing in favor of honest and transparent city budgeting.
Local governments create TIF districts to encourage development in “blighted” areas; but TIFs often don’t deliver on promised economic benefits, while they do divert tax dollars from other uses and create opaque slush funds for the mayor to reward insider developers.
Illinois politicians burden the state’s residents with the highest combined state and average local sales tax rate in the Midwest, along with numerous other taxes and fees.
The Illinois Supreme Court shut down a tax Chicago was imposing on car rentals outside city limits, noting the potentially chaotic nature of the policy.
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.