A new report from government finance watchdog Truth in Accounting gave the Windy City an “F” for financial health. Chicago’s massive $36 billion net debt stems primarily from pensions.
A new ranking puts Illinois’ corporate tax rates near the top. Still, Gov. J.B. Pritzker wants to extract $900 million more from corporations after failing to stop up to $1 billion in COVID-19 tax credits for small businesses.
“Raising taxes won’t solve the problem, because people who can afford to move will simply move out of state. Cutting services to pay the pensions will also drive people to relocate.
Illinois’ weak economic foundations and fiscal mismanagement were preexisting conditions that caused it to suffer a deeper COVID-19 downturn. They will also hurt its recovery.
Congress provided tax benefits for business losses in the CARES Act to help offset economic challenges during the pandemic. Gov. J.B. Pritzker wants to undo that relief to raise revenue for Illinois.
Decades of institutionalized financial mismanagement left Illinois with the nation’s worst fiscal health. Illinois House Speaker Mike Madigan has been at the center of nearly every bad decision along the way.
Excise taxes have failed to improve Illinoisans’ health while creating an undue burden for those with the least. But lawmakers have yet to kick the habit.
Anyone betting those lottery tickets they gifted will help education would lose.
Illinois homeowners pay double the national average on their property tax bills.
Sales taxes can exceed 10% in Illinois depending on where consumers do their holiday shopping. The average has been creeping up in recent years.
Chicago leaders are using another gas tax hike to help fill a budget hole driven by pensions. Total gas taxes and fees are closing in on $1 per gallon.
Chicago Mayor Lori Lightfoot is trying to raise revenue to close large revenue gaps partially brought on by the COVID-19 pandemic.
Nearly one-third of the cell phone bills in Illinois are taxes
Lightfoot’s budget depends on borrowing and property tax hikes.