Illinois residents pay some of the nation’s highest taxes. One of the big reasons - Illinois has 7,000 units of local government. That’s by far the most in the nation. Consolidation would help ease the outrageous tax burden on the average Illinoisan.
Mayor Lori Lightfoot is considering a slew of one-off actions to help close what city officials claim will be a $1.2 billion shortfall in next year’s budget – including a $94 million property tax hike. Absent in the list of savings is anything that can be considered a structural reform.
It’s always fun to compare what governments say in bond documents, where falsehoods can lead to fraud charges, to what the general public has been led to believe. Illinois newest bond offering is no different, and what might be more interesting is what’s not written and is between the lines.