Chicago faces financial meltdowns on three fronts: the city budget, Chicago Public Schools and the Chicago Transit Authority. The CTA faces a $577 million deficit, but it can be fixed.
Pekin and Normal have joined the list of local governments passing ordinances to replace the 1% statewide grocery tax when it expires.
Mayor Brandon Johnson broke a campaign promise by proposing a $300 million property tax increase to fund his $17.3 billion budget. On Thursday the city council will vote, and the signs are not good for Johnson.
Palos Park residents have a chance to save 1% on groceries starting in 2026, but the City Council is considering taking that away and taxing groceries. A series of towns are considering a local grocery tax.
The “millionaire tax” was being OK’d by Illinois voters, with 60.3% voting “yes” on the advisory question about raising taxes on residents earning over $1 million a year to fund property tax relief. The problem is, millionaires would not be the only tax targets.
Chicago Mayor Brandon Johnson’s 2025 budget proposes a nearly $1 billion deficit. High personnel and pension costs have Johnson breaking his campaign promise not to hike property taxes. Plus there’s no plan for long-term fixes.
Chicago Mayor Brandon Johnson delivered his 2025 budget Oct. 30, including a nearly $1 billion deficit, runaway spending and low revenues that have him breaking his campaign promise not to raise property taxes.
"There needs to be transparency and accountability."
Another Illinois town voted to pass a local grocery tax. See how much grocery shoppers in your community could lose if your local leaders also impose the tax.
Illinois voters on Nov. 5 will be asked whether they favor a “millionaire tax.” Here are three things to know about it: the tax can be easily avoided, it fails to provide stable revenue and it discourages or limits economic growth.
Illinois needs to spend $4.9 billion more annually to pay for pensions, but the “millionaire tax” would only raise an estimated $3-$4.3 billion. That’s too little for the pension bills and would leave nothing for property tax relief.
Implementing the “millionaire” tax would give lawmakers the power to tax retirement income. Every state with a progressive tax also taxes retirement income.