The city of Springfield needs nearly $270 million more in revenue to meet the required contributions to its pension funds for retired police officers and firefighters.
Chicago is tied with two other cities for the highest sales tax rates for a major U.S. city, adding another superlative for taxation of residents and visitors.
The Illinois General Assembly and governor devised 20 different ways to take more money from taxpayers to finance spending on government operations and infrastructure.
The Jeep Cherokee manufacturer plans to lay off nearly 1,400 workers at its Belvidere, Illinois, facility and invest $4.5 billion in a 6,500-job expansion in Michigan.
According to recent data, Illinois spends nearly double the national average on pensions, measured as a percentage of all state and local government spending.
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.