House Floor Amendment No. 2 to Senate Bill 9 would permanently increase the individual income tax rate to 4.95 percent and the corporate income tax rate to 7 percent, but would not expand the state sales tax to services.
Much like other plans in the General Assembly before it, the House Democrats’ budget plan does nothing to structurally reform state government and bring down costs, but instead increases the burden on Illinois taxpayers.
On June 28 the Illinois House of Representatives failed to pass Senate Bill 484, an illusory property tax freeze that did not offer real reform, left Chicago homeowners out in the cold, and would have left in place an opaque and expensive property tax system that benefits special interests over taxpayers.
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.