‘Millionaire tax’ being backed by Illinois voters
‘Millionaire tax’ being backed by Illinois voters
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.
By Patrick Andriesen
4 ways Chicago’s 2025 budget fails, plus hikes property taxes
4 ways Chicago’s 2025 budget fails, plus hikes property taxes
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.
By Ravi Mishra, Lauren Zuar
Johnson’s 2025 Chicago budget breaks property tax promise
Johnson’s 2025 Chicago budget breaks property tax promise
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.
By Lauren Zuar, Ravi Mishra
Argie Karafotias
Argie Karafotias
"There needs to be transparency and accountability."
Another Illinois town has passed a grocery tax. Is yours next?
Another Illinois town has passed a grocery tax. Is yours next?
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.
By Dylan Sharkey
3 ways a ‘millionaire tax’ would hurt Illinois
3 ways a ‘millionaire tax’ would hurt Illinois
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.
By Matheus Cosso
Illinois pension crisis would devour ‘millionaire tax’
Illinois pension crisis would devour ‘millionaire tax’
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.
By Bryce Hill
Tax question on November ballot could open door for retirement tax
Tax question on November ballot could open door for retirement tax
Implementing the “millionaire” tax would give lawmakers the power to tax retirement income. Every state with a progressive tax also taxes retirement income.
By Patrick Andriesen
‘Millionaire tax’ could push Illinois corporate income tax to highest in U.S.
‘Millionaire tax’ could push Illinois corporate income tax to highest in U.S.
A push to raise Illinois’ income tax may create the most extreme business income tax rate in the nation. “Millionaire tax” could hurt jobs in a state already struggling.
By Bryce Hill
‘Millionaire tax’ proposal would hike income tax rates by 62% for nearly 24,000 small businesses
‘Millionaire tax’ proposal would hike income tax rates by 62% for nearly 24,000 small businesses
Combined state and federal income taxes would have small businesses pay more than 50% of their top-end income in taxes.
By Bryce Hill
Kit Kat, Twix are cheaper in Illinois because of tricky tax on treats
Kit Kat, Twix are cheaper in Illinois because of tricky tax on treats
Halloween shoppers can stay clear of Illinois’ spooky candy tax if they know the right candy to buy.
By Jerry Barmore
Chicago budget has jumped $6B since before COVID, faces $1B deficit in 2025
Chicago budget has jumped $6B since before COVID, faces $1B deficit in 2025
The Chicago budget has grown by over $6 billion since 2019. Despite being bolstered by billions in federal relief, the city is facing nearly a $1 billion deficit in the coming fiscal year.
By Ravi Mishra
‘Millionaire’ tax would be $2-$3.3 billion short of providing any property tax relief
‘Millionaire’ tax would be $2-$3.3 billion short of providing any property tax relief
Illinois’ state budget needs more than $6.3 billion to cover its own shortfalls before it can provide property tax relief to Illinoisans.
By Bryce Hill
Champaign County spends $60k in taxpayer money to campaign for more taxes
Champaign County spends $60k in taxpayer money to campaign for more taxes
Champaign County has spent over $60,000 on a promotional campaign for a local sales tax hike using taxpayer funds. It might surpass $100,000 by Election Day.
By Dylan Sharkey