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...
Newly released IRS data show Illinois lost on net over 81,000 taxpayers and their dependents, and $4.1 billion of annual taxable income to other states in 2013.
Had Illinois managed the recession and recovery on par with the rest of the U.S., there would be an additional 300,000 Illinoisans working today, and an additional 220,000 payroll jobs.
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.