Cantrell Village President Ted Stead said he tends to agree with a township officials organization in opposing a proposal made during the fall veto session in Springfield to freeze property taxes for two years.
If Illinoisans can live with higher income taxes for five years, they might in return get bailed out from the ever-growing onus of high property taxes, Sen. Bill Brady (R-Bloomington) said recently, according to the news site Politico.
Officials in Springfield and around the country are talking about a “pension cliff” and trying to determine what will happen as large numbers of educators become fully vested in school district pension benefit systems.
A change in outlook from a major ratings agency is likely to have a big effect on Illinois' public debt. Fitch Ratings announced on June 1 that it is lowering the discount rate for U.S. public pension plan liabilities to 6 percent from 7 percent.
More Illinois businesses are getting taken to the cleaners to pay for state overspending -- including dry cleaners themselves, industry experts are arguing after Senate passage of a budget measure on Tuesday.