Flawed property valuations and the process required to fix them are a cash cow for law firms, including those of House Speaker Mike Madigan, Chicago Alderman Ed Burke and Illinois Senate President John Cullerton.
The House speaker’s proposal to hike taxes on small businesses failed to garner the 71 necessary “yes” votes needed to pass out of the House on April 20.
Illinois’ economy lagged the national average between 2003 and 2014. Had Illinois’ gross domestic product grown at the same pace as the national average since 2003, Illinois workers would have generated an additional $64.6 billion in products and services in 2014.
Total compensation for affected legislators and statewide officeholders equals about $1.3 million per month, according to the comptroller. On top of salaries, taxpayers also have to foot the bill for lawmaker pensions – in Illinois’ active legislators will each cost the state budget about $180,000 next year.
The Illinois attorney general – House Speaker Mike Madigan’s daughter – could play a major role in whether state lawmakers will pass a budget Illinoisans can afford.
Since the state's recession bottom, Illinois has regained less than 5 percent of its manufacturing jobs — the worst rate of recovery among all neighboring states.
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.