Illinois Eyes 30 Cent Gas Tax Hike, Chicago Faces Yet Another Property Tax Hike

Authored by Mike Shedlock via TheMaven.net/MishTalk,

The Illinois legislature is in recess right now. Other than disbanding the body, that's the best place for them.

When they return, they are going after your pocketbook in the form a gas tax hike. Not to be outdone, Chicago Mayor Rahm Emanuel is pondering property tax hikes.

In July, the State legislature overrode Governor Rauner's veto and passed the largest tax hike in history. The hike raised the individual rate to 4.95 percent from 3.75 percent and the corporate rate to 7 percent from 5.25 percent.

With those hikes, households making about $100,000 will pay an additional $1,200 in taxes each year.

But that was not enough. It never will be.

Today, the Illinois Policy Institute CEO John Tillman emailed, "The Illinois General Assembly will be back in session next week. And guess what? They’re already talking about raising your taxes again. This time, they’re discussing increasing gas taxes. Lawmakers haven’t released specific numbers yet, but talks have ranged anywhere from an additional $0.05 to $0.30 a gallon."

Tax Hikes in Chicago

Chicago taxpayers face yet another property tax increase for police and fire pensions in 2020 — and another hike the following year in the tax tacked onto water and sewer bills to save the Municipal Employees pension fund, aldermen learned on the first day of City Council budget hearings.By the city’s own estimate, police and fire pension costs will rise by $297.3 million, or 36 percent, in 2020. The Municipal and Laborers plan costs will grow by $330.4 million, or 50 percent, in 2022.

 

“We’ve done the biggest [property tax] increases,” Chicago Chief Financial Officer Carole Brown said Monday.

 

“But there will be an increase in 2020 for police and fire. The increase for Muni and Laborers will happen a couple years later.“

 

When this Council passed the water and sewer tax last year, there were assumed increases in the tax from the first year to correspond to increases in the ramp. We would anticipate that if those were the revenue sources assigned on a going-forward basis after we got to actuarial funding, there would need to be increases in those revenues.”

Big Round of Thanks

Neighboring governors are offering their thanks to Illinois.

In a fundraiser for Rauner, three neighboring GOP governors, Scott Walker of Wisconsin, Eric Greitens of Missouri, and Eric Holcomb of Indiana each delivered a sarcastic “thank you” to Illinois House Speaker Mike Madigan for “raising Illinois taxes” and “helping create new jobs” in their states.

  • "For raising Illinois' taxes, our economy's on fire," Scott Walker stated.
  • Missouri Governor Eric Greitens chided Madigan, "We’re growing good jobs."
  • Indiana Gov. Eric Holcomb offered, "We’re growing union jobs faster than Illinois. So, we owe you."
  • Holcomb added, "Hoosiers love you, Mike Madigan."

 

Comments

Toxicosis NoDebt Tue, 10/24/2017 - 23:08 Permalink

This will not take two decades.  Everything socially, morally, and economically is already collapsing and getting worse everyday.  The cost of living may very well double in the next couple or few years, pensions are done on top of all of this, and the governments at all levels desire to keep themselves alive as an organism of continuous hunger and need. 

In reply to by NoDebt

historian40 Tue, 10/24/2017 - 22:20 Permalink

Chicago is a long-time den of the wicked antichrists that rule the US.  I wouldn't step foot there, let alone have property.  The foreign agent, Rahm, believes your property belongs to him anyway.

NoDebt Tue, 10/24/2017 - 22:21 Permalink

God dammit, we have pensions to fund!  Fuck, what is wrong with you people??My next twenty years of entertainment is locked in.  This shit is going to go on and on and on.Do you want to know when it's going to end?  I could tell you but that would spoil all the fun.  (Hint: the baby boomer generation has to start dying in big numbers.) 

Antifaschistische Baron von Bud Tue, 10/24/2017 - 23:19 Permalink

If it were an option,1. I would consider freezing all pension annuity benefits.Example:  If you're 52 and will be eligible for 3000 per/month when you retire...freeze the 3000 right now and do not let that increase with continued years of service.2. if lump sum distributions are available...squeeze them3. Raise the age of eligibility age 6 months, every year, for the next 12 years and use in conjunction with #1.4. Increase employee contribution requirements considerably...if there are any. 

In reply to by Baron von Bud

dchang0 Tue, 10/24/2017 - 22:26 Permalink

Re: "Indiana Gov. Eric Holcomb offered, "We’re growing union jobs faster than Illinois. So, we owe you.""What, is this dumbass not paying attention? Public sector union pensions are a big part of what is kiling Illinois. This is like bragging that they caught HIV or Ebola from their neightbor.

Stan Smith Tue, 10/24/2017 - 22:28 Permalink

The shit show in Illinois is tip of the iceberg type stuff.   They are fucked with a capital F.    It'll be bad many many places.   But Illinois has the high taxes,  but nothing to keep folks there.    The West Coast has sunshine and tech.    The East Coast has high finance and high end politics.    Chicago,  and Illinois in general has none of that.Get your popcorn.

jmack Tue, 10/24/2017 - 22:31 Permalink

Greater federal control threatens the laboratories of the states that offer some level of competition and thus restraint on these moronic  blue states.  When the Fed's dictate that every state has to have fucked up California or Illinois taxes and regulations, everywhere gets to be as expensive and useless as California and illinois.

kevindow Tue, 10/24/2017 - 22:35 Permalink

We visit and enjoy the sights and cuisine, but would NEVER, EVER live in Chicago or Illinois. I just pray that the Federal government will NEVER, EVER bail out Illinois, which is destined for BANKRUPTCY. Eventually, Illinois will become the Utopia of liberalism, which is of course, Venezuela. 

tangent Tue, 10/24/2017 - 22:42 Permalink

No tax is more overtly criminal than property tax. You "own" your property but you have to pay its full value to the government twice every generation? In most cases it makes more sense to formally rent instead of playing pretend game of "ownership".I warmly welcome the people of Illinois to New Hampshire, which has among the best economies in the world, and the least socialist economies in the world. Of course all the least socialist economies have always been and will always continue to be the most successful places, obviously. Why people commit them selves into such hell holes will never be in my understanding. Even someone like a small business owner can still uproot and find more success in a less parasitic place because they don't have to fight uphill every inch as much.