Chicago would create new transit-based super TIFs before the close of the year in order to secure federal funding, while adding more opportunities for city-run slush funds to hoard tax dollars.
A law passed by the Illinois General Assembly in June allows Chicago to create new transit-based super TIFs, adding more opportunities for city-run slush funds to divert and hoard property-tax dollars.
Chicago Public Schools CEO Forrest Claypool has claimed that Chicago students are discriminated against under the state's education funding formula. But the numbers show the opposite: Chicago has received more than its fair share of education funding from the state.
Creating a tax increment financing district around the Lathrop Homes redevelopment will ensure that 100 percent of property-tax revenue generated on the site will go to a city-run slush fund.
Property taxes are the single largest tax in Illinois, burdening residents far more than either income or sales taxes. Illinoisans already know they pay high property taxes. But what is not as well known is that property taxes are outpacing residents’ ability to pay for them. Over the past 50 years, whether measured in comparison...
The state should simplify and amend the General State Aid formula to end loopholes, and require each school district to fully report its true property wealth when requesting means-based state aid.
Illinois politicians passed a record income tax increase in January 2011. Part of the deal they made was to allow most of that tax hike to sunset in 2015. That deadline is quickly approaching – Illinois’ income tax rates are legally required to come down in nearly six months. Lawmakers should have been preparing for...
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.