COVID-19 prompted $7.5 billion in federal relief, but state revenues were up during the past 8 months. Delayed tax due dates were partly responsible, but revenue even grew where it should have declined. So why should small businesses have to come up with $2 billion more?
Small businesses got federal tax relief to handle the COVID-19 economic downturn. Now Springfield is trying to take away the same break on state taxes, costing the state’s main job creators $1 billion with hundreds of thousands of Illinoisans still out of work.
Illinois has a chance to fix its state finances, thanks to federal relief. But unless pension growth is brought under control, both retirees and taxpayers will be at risk as debt continues to consume state services.
Federal tax relief was championed so small businesses could better deal with COVID-19 economic impacts. Gov. J.B. Pritzker wants to undo that relief to keep $1 billion in state taxes from Illinois small businesses.
Illinois spent nearly four times faster than Bridgeview incomes grew during the past decade. A bipartisan ‘spending cap’ bill would allow predictable, sustainable growth in state spending without tax hikes.
Illinois households pay nearly $9,500 on average in state and local taxes, which at 15% of their income is the nation’s highest. WalletHub finds gasoline taxes pushed Illinois to No. 1.
Illinois Gov. J.B. Pritzker approved doubling the state gas tax in 2019 and gave some counties and Chicago the power to hike local gas taxes. Lake County is the latest to consider doing so.
Illinois again ranked second for highest property tax rates in the nation in 2021, behind only New Jersey.
Illinois spent over nine times faster than Harrisburg incomes grew during the past decade. A bipartisan ‘spending cap’ bill would allow predictable, sustainable growth in state spending without tax hikes.
Illinois spent nearly two times faster than Springfield incomes grew during the past decade. A bipartisan ‘spending cap’ bill would allow predictable, sustainable growth in state spending without tax hikes.
Illinois spent over six times faster than Edwardsville incomes grew during the past decade. A bipartisan ‘spending cap’ bill would allow predictable, sustainable growth in state spending without tax hikes.
Illinois spent 115% faster than Downers Grove incomes grew during the past decade. A bipartisan ‘spending cap’ bill would allow predictable, sustainable growth in state spending without tax hikes.
Cook County’s first property tax payments are due March 2. In Chicago, property taxes have grown more than 3 times faster than inflation for 20 years.
Illinois spent 43% faster than Western Springs incomes grew during the past decade. A bipartisan ‘spending cap’ bill would allow predictable, sustainable growth in state spending without tax hikes.