Each Chicago taxpayer is on the hook for $119,110 worth of unfunded state, city, county and other local government debt. Many of the pensions driving those debts become Lori Lightfoot’s problem on Monday.
“Tobacco 21” was vetoed by the former governor as a burden on stores, but the new governor just made Illinois the 11th state to tell young adults they may not buy tobacco products until they are 21.
Illinoisans already pay some of the highest taxes in the country at the pump. But a political problem for Gov. J.B. Pritzker could mean they’ll pay even more.
A bill that would double the gas tax imposed at the state level would drive up Illinoisans’ overall gas burden to second-highest in the nation – while hiking a truckload of other vehicle costs including higher license plate fees.
According to recent data, Illinois spends nearly double the national average on pensions, measured as a percentage of all state and local government spending.
Amazon pulled its HQ2 out of New York City, so Chicago is considering imposing a “robot tax” on companies looking to automate their way around high labor costs.
Lawmakers in the Illinois House of Representatives failed to override former Gov. Bruce Rauner’s veto of the “Tobacco 21” bill in November. Gov. Pritzker’s administration has signaled support.
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.