The Illinois Department of Revenue has projected losses of 20,000 private-sector jobs, 43,000 residents to other states on net, and $1.9 billion in GDP in the first four years of a progressive tax.
In 2015 alone, Illinois state government redistributed more than $12 billion in income and other taxes to local governments. These financial shell games have created a needlessly complex system and make it difficult for local taxpayers to hold their governments accountable.
The top 18 percent of Illinois taxpayers cover more than 60 percent of the state’s income taxes, and the state’s millionaires pay 15 percent of Illinois’ income taxes.
Property taxes are the single largest tax in Illinois, burdening residents far more than either income or sales taxes. Illinoisans already know they pay high property taxes. But what is not as well known is that property taxes are outpacing residents’ ability to pay for them. Over the past 50 years, whether measured in comparison...
In her recent opinion piece, Innovation Illinois’ Elizabeth Austin misrepresented the facts in order to claim Illinoisans don’t pay high taxes: “My View: Illinois OK when right tax info is compared.” As the state budget battle wages on, it’s important for taxpayers to be armed with accurate information. Austin claimed that so far in the...
Illinois’ Economic Development for a Growing Economy, or EDGE, tax credit program has been making the news from time to time during recent months, mostly in the context of discussions on how to reform Illinois taxes and grow Illinois’ economy simultaneously. The program is on the chopping block. Notably, talk of changes to the EDGE...
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.