Illinois is on pace for four new casinos in 2023, but the state’s tax payout from video gambling in local bars and restaurants remains a much bigger win.
Being in the top 10 of Illinois’ five statewide pension systems is an investor’s dream and a taxpayer’s nightmare. The median investment is shy of $166,000, but the estimated lifetime payout is $5.5 million.
Gov. J.B. Pritzker told Harvard students self-financing political campaigns isn’t the answer, calling for campaign finance reform. Pritzker self-financed both of his gubernatorial campaigns for a total of $323 million.
Fifty-six percent of Illinoisans support amending the Illinois Constitution to reform the state’s public pension systems. Illinois has the nation’s least-funded pension plans.
Fifty-eight percent of Illinois voters polled said their property taxes don’t provide enough value in public services. Illinoisans pay the second-highest property taxes in the nation.
A new WalletHub study found the typical household in Illinois pays 15% of its income to state and local taxes, the highest in the nation. That’s an average of $10,463 – a 22% hike since 2017.
The typical career state worker collected $82,478 in annual pension benefits, recouping more income in 17 months of retirement than they contributed over 35 years. Working Illinoisans only earned $59,650 a year.
Just like Chicago Mayor Rahm Emanuel did late in his term, Mayor Lori Lightfoot is calling for public pension reforms. Pensions are damaging cities, she said.
Now that the 103rd Illinois General Assembly is sworn in, an early order of business will be to establish the rules of the chambers. Those rules need more reform to ensure another Mike Madigan doesn’t gather too much power.
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.