Taxes
While the IRS has already received a majority of the 2024 federal income tax returns typically filed by Tax Day — 101.422 million as of April 4, to be precise — U.S. tax filers are expected to send in tens of millions more by today.
The announcement comes after months of tension within IRS over the data-sharing plans and internal concerns from career officials about the legality of the collaboration.
Eight ballot measures will likely be decided by voters who live in wealthy communities where the majority of residents are White and own a home, according to a new report from Cook County Treasurer Maria Pappas.
Earlier this year, the IRS announced that it’s distributing about $2.4 billion to taxpayers who didn’t receive their COVID stimulus payments.
Illinois is giving municipalities the ability to reinstitute the 1% grocery tax locally starting in January, when the state one disappears. Municipalities are now asking the state to give them more taxing authority.
Civic Federation Says Illinois Should Extend Sales Tax to Services to Help Bridge $3B Budget Deficit
“By applying the sales tax only to goods and a small number of services, Illinois is missing the ability to tax much of the spending within its borders,” the nonpartisan Civic Federation said in its latest report.
The renewed tension between Mayor Brandon Johnson and the city’s business leaders comes after Johnson endured a bruising battle over the city’s 2025 budget and is under intense pressure from President Donald Trump.
Property tax bills for Cook County residents are available online at cookcountytreasurer.com and should hit mailboxes this week.
The IRS Direct File program, which lets eligible taxpayers file their taxes directly with the IRS for free, is now available in Illinois.
Even if tax breaks are allowed to lapse at year’s end, the federal budget deficit will still climb to $2.7 trillion in a decade, according to the CBO’s latest outlook, released Friday.
The IRS is distributing about $2.4 billion to taxpayers who didn’t receive their COVID stimulus payments.
The former president and now president-elect often skipped over details but through more than a year of policy pronouncements and written statements outlined a wide-ranging agenda. It would scale back federal government efforts on civil rights and expand presidential powers.
An estimated 60.3% of voters said “yes” to theoretically adding a 3% tax to incomes over $1 million, with the funds going to reduce property taxes. It was one of three non-binding questions on the ballot statewide, meaning it’s akin to a poll with the results triggering no change in law.
Voters will consider a non-binding referendum that seeks to impose a 3% tax on income over $1 million to fund property tax rebates for homeowners. It’s different from the contentious 2020 graduated income tax amendment that sparked an expensive campaign battle.
Demolishing the record set in each of the past three years, $1.3 billion poured into the city’s 127 TIF funds in 2022, according to a report from Cook County Clerk Karen Yarbrough.
Those in favor of the expansion believe the TIF district could help fix economic and developmental challenges, while those opposed think it may further gentrify the community and push long-standing residents out of the beloved enclave.