Illinois lawmakers are considering a new “millionaire’s tax” that could generate billions in new revenue. Ralph Martire on the other hand said his preference would be a redo of the 2020 ballot measure, which would have switched the entire Illinois tax structure to a graduated system, as opposed to just adding a new revenue stream with the 3% millionaire’s tax.
Districts could limit increases if Illinois schools were adequately funded. And don’t forget about all those skipped teacher pension payments by the city of Chicago. Ralph Martire comments on the report Cook County treasurer recently released titled “How State Laws Failed to Stop Decades of Skyrocketing Property Taxes.”
Ralph Martire explains in his column that the facts show Illinois indeed has a revenue problem.
While it’s appropriate to blame President Trump for fiscal difficulties, his shenanigans have simply exacerbated a longstanding structural deficit that’s plagued Illinois' general fund.
For the vast majority of the last four decades, Illinois has run a deficit in its General Fund, which is troubling for four reasons. Ralph Martire explains those reasons in his column.
As Gov. Pritzker prepares to make the FY 2027 General Fund budget proposal next month, his office forecasts that revenue will fall some $2.2 billion short of what’s needed to continue funding the same level of services provided this year, plus cover the growth in the state’s debt service. Ralph Martire’s column explains why that is troubling.
“Gov. Pritzker remains committed to addressing Illinois’ pension challenges and will continue to work with the General Assembly to build on this progress.” Tier 2 benefits are close to falling below comparable Social Security payouts and have to be increased, according to federal law. “They do need to do a Tier 2 fix,” says Ralph Martire.
The mayor wants a corporate head tax to help fill a budget gap—but lacks support for it. The head tax would levy $21 per employee per month on companies with 100 or more full-time employees in Chicago who spend half of their time working in the city. Ralph Martire threw cold water on both sides of the debate.
Business community offers to “find efficiencies” but is silent on finding new revenue — the only way the city will dig its way out of a gaping structural deficit.
In the Loop gets different local viewpoints on the corporate head tax. Guests include Ralph Martire, executive director, Center for Tax and Budget Accountability, Julie Dworkin, co-executive director, Institute for the Public Good, and Sam Toia, president and CEO, Illinois Restaurant Association.