In addition to raising the state’s personal and corporate income taxes back near their all-time highs, senators are proposing taxing businesses on the “privilege” of doing business in Illinois, as well as taxing several services.
The Illinois Senate budget proposal merely puts off the state’s day of reckoning through more of the same: tax hikes, borrowing and spending, without the necessary reforms to put the state on a path to fiscal and economic health.
The head of the Illinois Municipal Retirement Fund, or IMRF, has dismissed calls for pension reform, disregarding the fact that pensions aren’t manageable, benefits aren’t affordable, and previous “reforms” propped up pensions on the backs of new workers.
Chicago would create new transit-based super TIFs before the close of the year in order to secure federal funding, while adding more opportunities for city-run slush funds to hoard tax dollars.
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.