Chicago could set the pace for state tax future – The Telegraph

The thing to worry about is the prevailing attitude of taxing rather than cutting budgets can spread quickly. It’s a magnification of the long-standing way of doing business in Illinois, which is to spend first and find ways to pay later. The danger is in not recognizing when people have reached a saturation point. When that happens, the end result is regressive. Existing businesses leave, new businesses go elsewhere and cash-strapped taxpayers clinch the purse-strings a little tighter.

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Down the Drain: Cook County’s New Pension Report and its Sales Tax Increase – Updated – WP Original

By: Mark Glennon*   Make no mistake about where the additional one percent Cook County sales tax will go, along with much more — into its pension. Ninety percent of it will go initially into the pension, according to Cook County Board President Toni Preckwinkle, with that portion decreasing later. But will it?   The pension’s actuary just released its annual valuation report for the year ended in December. That document should be a key item informing voters and county board members about the vote on the tax increase: How much will it accomplish? What’s really going on with that

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