The pandemic had an upside for Illinois state finances – infusing federal dollars as state revenues exceeded projections. Now federal aid is gone. Illinoisans’ ongoing struggles warrant caution, reform in the state’s fiscal year 2025 budget.
Illinois will spend over $50 billion this year to operate state government, which is $10 billion more than when J.B. Pritzker first started spending your taxes. Here are some reasons to pay attention to the upcoming state budget.
Combined state and average local sales tax rate tallies 8.85% in Illinois for 2024. That’s the highest in the Midwest and seventh highest in the nation.
Before asking voters to approve a “mansion tax,” why not tap unspent federal pandemic aid dollars to reduce homelessness?
Chicago Mayor Brandon Johnson’s mansion tax idea failed in Los Angeles, something his recent trip there should have shown him. Here’s why it promises to drag down Chicago businesses in an already hostile environment and shift costs to homeowners.
Chicagoans will see their March 19 primary ballots in their mailboxes starting Feb. 8. The last question is on Mayor Brandon Johnson’s tax hike plan.
Votes on Chicago’s March 19 referendum will count, according to an Illinois Appellate Court ruling. Now voters must weigh the merits of the real estate transfer tax hike.
Illinoisans pay the nation’s second-highest gas taxes behind only Californians, thanks to Gov. J.B. Pritzker’s automatic gas tax hikes. The next gas tax hike is scheduled for July 1.
Fears of what it would do to Chicago’s housing market and economy led a group of Chicago trade unions to refuse to endorse Mayor Brandon Johnson’s plan to increase a city tax on real estate sales.
The Chicago Teachers Union’s answer is always “more money.” But the question is why Chicago’s students are doing so poorly when there’s more money than ever to teach fewer of them.
Illinois businesses pay the nation’s second-highest corporate income tax rates. Chicago is considering taxing them more.
An embattled Chicago-area township supervisor is being accused of discouraging competition ahead of her campaign by cutting the position’s pay if she loses. It may be illegal, but someone would need to sue.
The Chicago City Council is considering an ordinance to effectively ban natural gas in most new buildings, including gas stoves. Energy providers warn the policy could double heating costs for Chicago homes.
Illinois’ excise tax on wine is more than 4 times higher than the same bottle in New York or California. Buying in Chicago adds extra tax layers, hitting 6 times the taxes of other big cities.