Illinois spent $5 billion more than it took in last year. Lawmakers' proposed solution: a 3% surtax on millionaires to raise $4-5 billion.Notice the math. Even if the tax performed at the most optimistic projection (and no one left) it would barely close last year's gap. It doesn't solve the structural problem. It papers over it for a cycle. The structural problem is spending growth. Illinois government spending has been growing far faster than the economy or the population. Until that trajector
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If you own a home or rent an apartment in Chicago, you are currently paying the price for the state's shrinking commercial tax base.The citywide median property tax bill jumped 17% last year, but that number hides a much darker reality, specifically for vulnerable communities.In 15 areas across Chicago’s South and West sides, property taxes shot up by 30%. In neighborhoods like West Englewood and North Lawndale, bills skyrocketed by an astonishing 75% or more.Why is this happening?It is a direct
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Some Blame Taxes As Illinois Grows On Paper But Loses Residents
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