Illinois in Focus America's Talking Network
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The podcast bringing you the most important stories out of Illinois from TheCenterSquare.com. Join us as we dive into the top headlines and provide insightful commentary and analysis. Support this podcast: https://podcasters.spotify.com/pod/show/illinois-in-focus/support
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Chicago’s Mayor Not Giving up on Failed Tax Hike on Real Estate
(The Center Square) – Chicago Mayor Brandon Johnson vows to continue with his agenda despite an apparent defeat of his Bring Chicago Home referendum this week. The measure, which would have increased the city’s real estate transfer tax on properties over $1 million and, according to Johnson, use the funds to pay for homelessness programs, now appears to be rejected by voters. Fifty-four percent of voters said “no” to 46% “yes” with 98% of precincts reporting. “All the votes have not been counted so it has not been declared just yet,” Johnson said. “Look, there are 68,000 people unhoused, that’s the focus.”
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Illinois Businesses Brace for Potential Tax Increase in Pritzker’s Budget Plan
Illinois business owners are bracing for a potential tax hit from Gov. J.B. Pritzker. The governor’s proposed budget extends the cap on business net operating losses, but increases the cap to $500,000. His office estimates the “revenue adjustment” will raise $526 million, the bulk of the nearly $900 million of tax increases in his $52.7 billion spending proposal.
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CTU President Suggests New Teacher Contract Could Cost Taxpayers $50 Billion
The Chicago Teachers Union is preparing for collective bargaining talks with the city, and the union's president suggested the new terms would cost taxpayers $50 billion. “We are asking you to give us an opportunity to tell our story. It will cost $50 billion, and three cent,” CTU President Stacy Davis Gates said Tuesday at the City Club of Chicago this week, setting the stage for upcoming negotiations with the city. "And so what? That's audacity." Some media outlets reported that Gates was "joking" when citing the $50 billion figure.
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Judge Rules Trump off Illinois Primary Ballot but Stays Decision Pending Appeal
A Cook County judge decided former President Donald Trump’s name should be removed from the Illinois primary ballot, but put a hold on the order expecting an appeal. Trump’s campaign said it will “quickly appeal.” In a 38-page ruling, the circuit court judge said the Illinois State Board of Elections’ unanimous decision to keep Trump on the ballot is overturned. A group of objectors challenged Trump’s access to the March 19 Illinois primary ballot alleging the former Republican president instigated an insurrection at the U.S. Capitol on Jan. 6, 2021, and is ineligible to be elected president. Last month, the state elections board denied their objection. The group appealed to the state circuit court in Cook County.
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Tax Hikes, Migrant Funding, Medical Debt Retirement Part of Pritzker’s Proposed Budget
With a projected deficit of close to $900 million, Illinois Gov. J.B. Pritzker presented his sixth State of the State and budget address Wednesday. The plan includes $52.7 billion in spending, roughly a 2% increase over the current fiscal year budget. What is sure to be a talking point in the coming months, the budget includes an additional $182 million for the care of migrants on top of what has already been spent.
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Illinois’ Corporate Income Tax Rate Now 2nd Highest in U.S.
A new Tax Foundation study finds Illinois with the second highest corporate tax rate in the country. Some say that signals more struggles ahead for the Land of Lincoln. The nonpartisan Tax Foundation ranked states by their corporate income tax rates as of Jan. 1, 2024. Six states, Texas, Nevada, Washington, Wyoming, South Dakota and Ohio, do not levy a corporate income tax. Of the 44 that do, Illinois’ 9.5% rate put the state at No. 2, up from No. 3 in last year’s report. The top spot in 2024 goes to Minnesota at 9.8%. The state with the lowest rate outside of the states that do not have such taxes is North Carolina at 2.5%.
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