The Tax Foundation has reaffirmed Illinois’ status as a high-tax state in its newly released 2012 Annual State-Local Tax Burden Ranking. Based on the Census Bureau’s 2010 data, the report found that Illinois’ overall tax burden per resident is the 11th highest in the nation. Some highlights from the report include: At 10.2 percent, Illinois has...
Illinois’ poor public policies continue to hammer the state’s business climate. This week the Tax Foundation released its 2013 State Business Tax Climate Index, confirming the state’s worsening position. Illinois dropped a full 13 places, to 29th, from 16th just since 2011. Illinois now ranks worse than most of its neighbors. The Tax Foundation ranks states based on...
Illinois’ poor public policies continue to hammer the state’s business climate. This week the Tax Foundation released its 2013 State Business Tax Climate Index, confirming the state’s worsening position. Illinois dropped a full 13 places, to 29th, from 16th just since 2011. Illinois now ranks worse than most of its neighbors. The Tax Foundation ranks states based on...
In 2012, Illinoisans will have to work 114 days to earn enough to pay their combined federal, state and local tax bill – seven days longer than the average of all the states. The Tax Foundation released their annual “Tax Freedom Day” report, which determines how long residents must work to pay off all tax...
Ever notice that going out to eat seems more expensive in Chicago than other cities? One of the reasons is that on top of the very high sales tax in Chicago, there are additional taxes on meals in restaurants: 0.25 percent Chicago restaurant tax and 1.0 percent Metropolitan Pier and Exposition Authority (MPEA) food and...
Chicago has the second highest taxes on meals of the 50 largest U.S. cities. Check out the Institute's interactive dashboard on meal taxes to see how we stack up.
One year after Illinois’ Democratic leaders pushed through a record tax hike, the grades are in. The tax hike flunked. It failed to put Illinois on sound fiscal footing. It failed at restoring confidence in government’s ability to meet serious challenges head on. It failed to strengthen the state’s economy. It failed to create opportunity...
The problem Cook County is facing a budget shortfall. Cook County Board President Toni Preckwinkle has rightfully earned political goodwill for proposing serious changes to how county officials spend taxpayers’ money. She has challenged public employee union bosses to come to the negotiating table, and is utilizing private sector contractors to keep costs low. However,...
by Amanda Griffin-Johnson This time of year, children go door-to-door dressed in costumes to ask their neighbors for treats. Throughout the year, governments at the federal, state and local level provide services and programs that many look upon as treats. But considering the cost and inefficiency of some of these programs and services, are these...
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...