Contrary to What Many “Conservatives” Think, Adam Smith Wanted Higher Taxes on the Rich
While there’ve been no reported sightings of Chicken Little, it nonetheless appears that, from a tax standpoint, the sky is falling in Illinois. Recently, the good citizens of our state have been bombarded with potential revenue increases from almost every major unit of state and local government. So, after legislators rightly refused to pass the governor’s proposed Gross Receipts Tax, they’re considering raising revenue through a major gambling expansion to fund a capital program.
Meanwhile, the public transit system is asking for both a sales and real estate transfer tax increase, to avoid a “doomsday” series of service cuts and fair increases for CTA, METRA and PACE. Don’t forget Cook County, which is proposing numerous sales and other tax increases to avoid major reductions in healthcare services at County’s public hospitals. Even Mayor Daley of Chicago, renown for fiscal acumen, has informed voters that without new revenue, ... Read More...
