The “millionaire tax” will increase Illinois’ tax burden without necessarily increasing public funds. Revenue intended for education may fall short of expectations and will likely be absorbed by school administration before reaching students.
A new report from the Tax Foundation shows the typical Illinois taxpayer will save big thanks to the constitutional protections of Illinois’ flat tax. Some state lawmakers want to take that protection away.
The Illinois Constitution currently requires income taxes to be imposed at a single, flat rate. A new bill filed in the Illinois General Assembly would allow for income to be taxed at varying rates, making it easier for lawmakers to raise rates.
Published Feb. 10, 2025 Even though federal COVID relief funds provided an unexpected windfall, that one-time jolt of cash could leave many Illinois localities even worse off than they were before. That boost in revenue allowed local governments to put off difficult budgeting decisions, and as that revenue dries up, municipalities will have to contend...
Chicago might have just avoided a property tax hike, but city leaders couldn’t figure out how to pass the 2025 budget without other tax and fee increases. Here’s what the city should do to avoid repeating the same budgeting mistakes next year.
Government unions posed threats to public welfare that were recognized by founders of the labor movement and by progressive icon Franklin D. Roosevelt. Those threats have become reality, with government union power dominating – especially in Illinois.
Chicago’s government pension obligations have increased nearly sixfold since 2014, driving up Chicago’s sky-high property taxes. Another increase for 2025 was likely avoided, but city leaders need state lawmakers to make a permanent fix.
Illinois' unfunded statewide public pension liabilities grew another $1.5 billion in the past year. Better investment returns couldn’t keep up with public worker pensions growing faster than projected.
Occupational licensing requirements present one of the steepest barriers to low-income Illinoisans starting careers in beauty services. Illinois requires anyone seeking to become a barber, cosmetologist, nail technician or hair braider to obtain a state license, essentially a permission slip to work. Unlike 45 other states, Illinois offers only one pathway to licensure for each...