Cook County

Illinois Corruption Watch: April 2014

By Brian Costin

04/30/2014

45. April 30, 2014 Sun-Times: Criminal probe of Quinn anti-violence plan rocks governor’s race A criminal grand jury has launched a probe into Gov. Pat Quinn’s troubled anti-violence program — once likened to “a political slush fund” — delivering a major blow to the Democrat as he seeks re-election this fall. On Tuesday, the Quinn...

6 reasons why Chicago aldermen should oppose Rahm’s property tax hikes

04/28/2014

It’s no wonder that more and more Chicago aldermen are balking at Mayor Rahm Emanuel’s property tax hike proposal. They know property tax hikes won’t play well on the campaign trail later this year. Emanuel is calling for $750 million in property tax hikes over five years to prop up just two of the four...

Chicago’s collar counties should get their welcome mats ready

04/16/2014

Expect Mayor Rahm Emanuel’s call for property tax hikes to be a boon for Chicago’s collar counties and Lake County, Ind. Cook County residents have been fleeing to neighboring counties for decades, and Emanuel’s proposed hikes – to prop up city pensions – will only increase the outflow. According to IRS data, Cook County lost...

TAGS: Chicago, property taxes

Chicago property tax hike plan will drive away people and prosperity

By Michael Lucci

04/14/2014

Mayor Rahm Emanuel’s pension reform scheme passed through the General Assembly this week and has been moved to Gov. Pat Quinn’s desk. This plan authorizes Chicago to raise $2.25 billion in additional property taxes over the next decade. Despite this massive tax hike, the city will raise only half its legally required pension payments. Hiking...

TAGS: Chicago, property taxes, Rahm Emanuel

Chicago property taxes: Rahm’s hikes vs. Quinn’s relief

04/10/2014

Gov. Pat Quinn is in a bind. He’s being asked to sign a Chicago pension bill that he knows has no real reforms and no way to pay for itself. By signing the bill, Quinn will give Mayor Rahm Emanuel his blessing to raise Chicago property taxes by $750 million over five years. But that’s...

Moody’s downgrades Chicago Public Schools and Chicago Park District

03/15/2014

When Mayor Rahm Emanuel went to SXSW to pitch Chicago as a destination city, he touted the city’s buzz. There’s no denying Chicago’s arts and tech scene is on the rise. But Emanuel failed to tell Austin crowds there’s a buzzkill on the way – the city’s fiscal collapse. Chicago continued its decline when two of...

TAGS: Chicago Park District, CPS: Chicago Public Schools, credit rating

Moody’s downgrade: Chicago’s path toward junk

03/05/2014

In what’s likely to be a chain of credit downgrades for some of Chicago’s sister governments, Moody’s Investors Services cut the city of Chicago’s credit rating to Baa1 from A3. That downgrade follows the rare triple-notch downgrade the city received last year from Moody’s as a result of the city’s growing and out-of-control pension debt. Excluding Detroit,...

TAGS: credit rating

Illinois ranks first in number of local taxing bodies

By Brian Costin

03/02/2014

When it comes to local taxing bodies and local property taxes, Illinois is an extreme outlier in comparison to the rest of the nation. We rank first in number of local taxing bodies, with 6,963, and have the second-highest property tax rate in the nation. But this isn’t news for Illinois residents who have looked...

TAGS: local government, property taxes

Six places Chicagoans will flee to if property tax increases are part of Chicago’s pension fix

02/13/2014

There’s one simple reason why Detroit finally filed for bankruptcy in 2013. When it came time to pay its bills, the Motor City had run out of taxpayers. Taxpayers fled Detroit for decades as the city’s tax bill kept growing and its vital government services, such as public safety, were slashed. Detroit has lost more...

TAGS: Chicago, outmigration, pensions

Pension ‘fix’ has many problems, but the Pension Clause isn’t one

01/13/2014

In December 2013, Gov. Pat Quinn signed a pension “reform” bill with many serious flaws. For example, it: barely makes a dent in the state’s unfunded pension liability; guarantees pension funding at the expense of taxpayers and all other government services; creates a fake 401(k) plan; doesn’t means test cost-of-living adjustments, or COLAs; still allows state workers to retire much earlier...

TAGS: pension guarantee, pensions

FAQ: How the federal scholarship program would help Illinois students

Illinois students could soon benefit from scholarship money to help them find a tutor, attend ACT or SAT prep sessions, pay tuition, get special education services or assist with other academic needs. That will happen in Illinois only if Gov. J.B. Pritzker lets the state’s schoolchildren benefit from the Federal Scholarship Tax Credit program, established...

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