State lawmakers are rushing a first-in-the-world wealth tax on billionaires. They also want taxes on streaming services such as Netflix and Spotify and steep surcharges on concerts and ticketed events.
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.
Illinois lawmakers got creative with state budget proposals to overhaul pensions and raise new revenue, many of which would have hit consumers and small businesses hardest. They also failed to intrude on how families choose to educate their children.
Adding sales taxes to services is limited in the U.S., with 46 states not generally taxing services. Illinois may break from the pack and start adding sales taxes to haircuts, lawn care, car repair and a long list of other service expected to cost $2.7 billion.
Illinois lawmakers are looking to expand sales taxes to include things such as streaming services, gym memberships, vehicle repairs, hair care and other services to bail out Chicago’s failing transit systems and put more money in government budgets.
Illinois leaders keep using tax hikes as a budget quick-fix, but the state’s fiscal troubles – and the taxpayer burden – persist. Here are the 70 tax and fee hikes state leaders have imposed during the past 15 years.
Chicago Mayor Brandon Johnson was denied a $300 million property tax hike, then a $150 million property tax hike, then a $68.5 million property tax hike. He got his 2025 city budget, and aldermen forced him to keep his campaign pledge not to raise property taxes.
If you plan to be at Lollapalooza from Megan Thee Stallion to Blink-182, expect taxes to add $91 to the cost of general admission. Get a premium ticket and city, county and state sales and amusement taxes add $1,001 to the cost.
The typical racing fan will pay an extra $22 for general admission to Chicago’s NASCAR “Street Race Weekend” thanks to the city’s amusement tax. Luxury seating could cost residents more than the price of a standard ticket in taxes alone.
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.