Illinois retailers taxed $186M by capping sales tax credit

By Patrick Andriesen

05/30/2024

A cap on the retailers’ sales tax credit will effectively hikes taxes on Illinois retailers by $186 million. Retailers are already facing razor-thin margins, but the record $53.1 billion state budget required $1.1 billion in new taxes.

TAGS: sales tax

2024 State of the State: Federal rescue is over, so Illinois needs caution

By Bryce Hill

02/20/2024

The pandemic had an upside for Illinois state finances – infusing federal dollars as state revenues exceeded projections. Now federal aid is gone. Illinoisans’ ongoing struggles warrant caution, reform in the state’s fiscal year 2025 budget.

Illinois sales taxes highest in Midwest

By Bryce Hill

02/14/2024

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.

Upward mobility tougher in Illinois than in rest of Midwest, most of U.S.

By Joe Tabor

02/07/2024

Illinois ranked 40th overall and the worst in the Midwest for social mobility, a new report found.

Illinois corporate income tax rate hits No. 2 in U.S.

By Bryce Hill

01/29/2024

Illinois businesses pay the nation’s second-highest corporate income tax rates. Chicago is considering taxing them more.

Illinoisans pay nation’s highest wireless cell phone service tax

By Patrick Andriesen

01/03/2024

Illinois wireless plan holders paid more on average in federal, state and local taxes than anywhere else in the U.S. The taxes were higher than the combined taxes of the two lowest-ranked states. Chicagoans managed to pay even more.

TAGS: cell phone tax

Illinois’ Midwest-leading minimum wage increases again in January 2024

By Patrick Andriesen

12/28/2023

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.

Most Illinois metro areas shed jobs in June, await pandemic recovery

By Justin Carlson

08/04/2023

Despite statewide job gains in June, eight of Illinois’ metro areas lost jobs for the month. Most areas still haven’t recovered to pre-pandemic job levels.

Why ‘temporary’ income tax hike, retirement tax won’t fix Illinois pensions

By Justin Carlson

02/24/2023

A Chicago civic group suggests either increasing the state’s personal and corporate income taxes for 10 years or implementing a retirement tax to help pay for the state’s worst-in-the-nation pension debt. Here are the problems with that plan.

Tax Foundation

Illinois retailers taxed $186M by capping sales tax credit

2024 State of the State: Federal rescue is over, so Illinois needs caution

Illinois sales taxes highest in Midwest

Upward mobility tougher in Illinois than in rest of Midwest, most of U.S.

Illinois corporate income tax rate hits No. 2 in U.S.

Common-ground solutions to empower Chicago’s poor: A model for America’s cities

Illinoisans pay nation’s highest wireless cell phone service tax

Illinois’ Midwest-leading minimum wage increases again in January 2024

Most Illinois metro areas shed jobs in June, await pandemic recovery

Why ‘temporary’ income tax hike, retirement tax won’t fix Illinois pensions

Taxed out: 10 reforms to stop Illinois from losing people and jobs

Report Archive

Take advantage of the various ways to vote

Process for unionizing non-state workers raises red flags

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students