Mayor Lori Lightfoot’s proposal to hike property taxes by $76.5 million cleared a key hurdle Thursday, with the City Council’s Finance Committee advancing the mayor’s $16.7 billion spending plan to the full City Council.
Wealthy Americans have long sought to use charitable contributions to reduce their tax burdens. But the “Pandora Papers” report revealed how world leaders, billionaires and others have stashed trillions of dollars out of the reach of governments by using shell companies and offshore accounts, which are considered legal.
The growing share of city property taxes sent to tax increment finance districts has fueled a perennial argument over whether the districts actually spur redevelopment and eradicate blight or serve to exacerbate growing inequality in Chicago.
Mayor Lori Lightfoot’s plan to close a projected $733 million budget gap in 2022 relies on $385 million in federal relief funds and nearly $299 million in savings and efficiencies, but the plan contains “no new tax or significant fee increases” for Chicago residents, she said.
There are four ways to appeal property tax assessments in Cook County. But is that a good thing? Former state Rep. Barbara Flynn Currie and Assessor Fritz Kaegi weigh in.
An Illinois tax agency has ruled that former President Donald Trump is due a $1 million refund on the 2011 tax bill for his downtown Chicago skyscraper, but local officials are trying to block the refund.
How much is nature worth? The Forest Preserve District of Cook County is about to find out. The district’s board of commissioners has thrown its support behind a proposal for a ballot referendum that would put a property tax increase for the preserves directly in the hands of voters.
A trove of leaked IRS tax returns analyzed by ProPublica reveals America’s richest billionaires — including Elon Musk and Jeff Bezos — often pay little to no income tax.
Overall, the richest 25 Americans pay less in tax — an average of 15.8% of adjusted gross income — than many ordinary workers do, once you include taxes for Social Security and Medicare, ProPublica found.
A new deal for a facility for electronics maker Foxconn is in its final stages. Crain’s Chicago Business reporter Danny Ecker has details on that story and more.
Two bills in the Illinois General Assembly would expand eligibility for the earned income tax credit. As part of our Firsthand initiative exploring poverty in Chicago, we take a look at the credit, and what it could mean for low-income households.
Low-income residents who are in debt to the state or city won’t have their state tax return used to settle those bills under a plan announced Monday by Mayor Lori Lightfoot and Comptroller Susana Mendoza, who said she was spurred to act because “families on the edge” need their tax returns to cover overdue bills.
With just a month left until the annual tax filing deadline, Attorney General Kwame Raoul is urging Illinoisians to take precautions before hiring a tax preparation business amid consumer complaints.
The Manhattan district attorney’s office enforced a subpoena on Donald Trump’s accounting firm within hours of the Supreme Court’s ruling on Monday and now has the documents in hand, a spokesperson for the office said Thursday.
Illinois voters in November rejected a constitutional amendment that would have allowed the state to overhaul how it taxes income. Now one of Springfield’s top leaders is suggesting another swing at the effort.