In Illinois’ fifth year of recreational cannabis sales, it’s already made nearly $180 million in tax revenue. But it is losing sales to neighboring states with lower taxes.
Illinois’ unemployment rate tied for 3rd worst in the nation in February 2024 after a decline in the number of jobs statewide during the past 12 months. Illinois continues to lag the nation and all its neighbors in job growth.
Combined state and average local sales tax rate tallies 8.85% in Illinois for 2024. That’s the highest in the Midwest and seventh highest in the nation.
Seven of 13 Illinois metro areas added jobs from November to December 2023, led by the St. Louis area. Five metros still reported fewer jobs than prior to the pandemic.
Non-tipped workers will see their hourly wage hit $14 an hour while tipped employees will collect $8.40 thanks to the next minimum wage hike on January 1, 2024.
State politicians like to pass laws they claim will make Illinoisans healthier by taxing their naughty habits. The taxes rarely are as lucrative as projected and hurt some more than others.
Employment is the clearest path out of poverty, but these five low-income professions face more occupational licensing burdens than others in Illinois.
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.