Property-tax hikes have caused taxes on NBA star Dwyane Wade’s former house to more than triple, driving away prospective buyers and showing the harm Illinois’ sky-high property-tax rates inflict on homeowners.
A new Chicago financial report shows the city’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014.
More scrutiny from property owners means more money in the pockets of certain members of Illinois’ political elite, including House Speaker Mike Madigan.
Madigan’s stated concern for the middle class rings hollow given that his own plan to boost the state’s fiscal health consists solely of income-tax increases, which would directly reduce the wages and standard of living for Illinoisans.
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.