As Chicago’s population shrinks, Houston is set to overtake the Windy City as the third-largest city in America. Illinois’ slumping economy is a major reason for that, but the cities’ different zoning rules show how regulations can promote growth – or stifle it.
Taxpayers will shell out $36 million for Soldier Field in 2016, in addition to footing the bill for U.S. Cellular Field. And the city of Chicago is still pushing a plan for DePaul University that would cost an initial $55 million for a new basketball stadium.
The case against Facebook under Illinois’ Biometric Information Privacy Act raises questions about the protection of people’s most personal data, as well as the possibility of an explosion of lawsuits against companies that use certain biotechnology.
On the other end of the spectrum, Indiana ranked as best in the Midwest and No. 5 in the U.S., with Texas, Florida, North Carolina and Tennessee taking the top four spots. All of these states attract swarms of people in migration from Illinois, especially Texas, Florida and Indiana.
The Illinois Department of Revenue has projected losses of 20,000 private-sector jobs, 43,000 residents to other states on net, and $1.9 billion in GDP in the first four years of a progressive tax.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.