According to an article posted on www.illinoispolicy.org here is a breakdown of Governor Pritzkers tax hikes on the citizens of Illinois.
“Here’s the breakdown of Pritzker’s $898 million in tax hikes on businesses and individuals:
- Extending the cap on net operating losses. This would result in a $526 million tax hike for companies. Only two other states – Pennsylvania and New Hampshire – place caps on the amount of net operating losses a business can claim. Illinois’ corporate income tax rate is also the second-highest in the nation.
- Increasing the sports gambling tax rate from 15% to 35%. Estimated to bring in an additional $200 million.
- Capping the retailer’s discount on sales and use taxes to generate an extra $186 million. This is essentially a corporate tax hike on any business that sells a product that’s subjected to the sales tax, whether it’s Barnes & Noble or your local independent bookstore.
- $93 million hidden individual income tax hike. This move will reduce the value of Illinois’ standard income tax exemption, subjecting an additional $225 of income to taxation per taxpayer and dependent. After years of rampant inflation, Pritzker is shortchanging the inflation adjustment on the state’s standard exemption for individual income taxes. By limiting the growth in the value of this exemption, Illinois taxpayers are facing a $93 million income tax hike. This tax increase would disproportionately fall on lower-income earners who receive a larger tax break from the exemption than higher-income earners.
Pritzker’s $898 million in tax hikes bring in just enough to cover the growth (not total spending) for pensions and government worker health insurance. The total cost for these two items alone cost nearly $13 billion.”
Pritzker’s Illinois State Spending Plan For Fiscal Year 2025
| Human services | $10.27B | $10.98B | $716.0M |
7.0%
|
|---|---|---|---|---|
| PreK-12 education | $10.37B | $10.83B | $462.0M |
4.5%
|
| Pensions* | $10.14B | $10.49B | $353.0M |
3.5%
|
| Health care | $9.29B | $9.38B | $91.0M |
1.0%
|
| Higher education | $2.54B | $2.55B | $12.0M |
0.5%
|
| Public safety | $2.52B | $2.53B | $15.0M |
0.6%
|
| Group health insurance | $1.84B | $2.33B | $490.0M |
26.7%
|
| Government services | $1.72B | $1.91B | $188.0M |
10.9%
|
| Other | $1.74B | $1.70B | −$42.0M |
−2.4%
|
| Total | $50.41B | $52.70B | $2.3B |
4.5%
|
Has the Governor budgeted tax hikes to care for all the new immigrants?
Here is how immigrants are welcomed to the Sanctuary City, Chicago: https://www.chicago.gov/city/en/sites/texas-new-arrivals/home/faqs.html
What does it mean that Chicago is a Sanctuary City? Chicago’s Welcoming City Ordinance means that the City will not ask about your immigration status, disclose that information to authorities, or, most importantly, deny you City services based on your immigration status.
1 comment on “Illinois Governor Pritzkers’ $899 Million Tax Hikes On Individuals And Businesses”
Hizzoner, da Mayor Daley (senior) must be rolling in his grave. Chicago, the once-beautiful city on the lake has turned into a diseased cesspool. The gangs, the violence, the lack of law enforcement, lack of prosecutions, lack of accountability for lack of judgement, etc etc all contribution the flow of people leaving Chicago and the State
of Illinois. Do the politicians think everybody is as stupid or ignorant as doorknobs?
The politicians hold Illinois citizens in such contempt that the pols DO, in fact, think
people are that dumb. Ergo, the citizens are voting with their feet and leaving the
Land Of Lincoln. My guess is that both Chicago and the State are bankrupt if GAAP
rules were applied to them. There is not one pol who is willing to stand up to the socialist,communist, leftists, and say citizens have rights, illegal aliens do not.
Citizens come first. Non-citizens do NOT have a say, at all. However, this pattern of behavior is no surprise, and since the pols knowingly are bankrupting the Cook County and State of Illinois, this is tantamount to criminal behavior as a syndicate and should
be prosecuted under the RICO statutes. The Chicago Teachers Union and other unions are owed BILLIONS of dollars for unfunded pension liabilities. All actuarially grossly
underfunded. They are deliberately, with malice, bankrupting Illinois.
They are way past the point that people and corporations will absorb more tax increases. Now a state of diminishing returns and population base to feed the interest due on the state and county and city debts.