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Tax Increases

All articles tagged with #tax increases

local-government22 days ago

Chicago Approves $16.6B Budget Amid Political Tensions

Chicago's $16.6 billion 2026 budget was approved after Mayor Brandon Johnson chose not to veto it, despite disagreements over tax proposals and budget priorities. The budget relies on tax hikes, borrowing, and revenue from debt collection, while sidestepping some of the mayor's initiatives like the head tax. It includes full pension payments and aims for cost savings, but remains heavily dependent on short-term fixes and increased taxes that could hinder economic growth. Future reforms are needed to ensure fiscal stability.

via Illinois Policy|
#budget-process#chicago-budget#local-government
local-government24 days ago

Chicago City Council Approves 2026 Budget Amid Mayor Johnson's Veto Threat

Chicago City Council approved a 2026 budget that avoids a corporate head tax, includes fee hikes like bag taxes and liquor taxes, legalizes video gambling, and proposes selling city debt, despite opposition from Mayor Johnson who may veto it. The budget faces concerns over revenue assumptions and potential deficits, with key changes aimed at funding city services and infrastructure.

via Block Club Chicago|
#chicago-budget#debt-sale#fees
public-transit2 months ago

Illinois Approves $1.5B Transit Plan to Boost Chicago-Area Public Transportation

Illinois lawmakers passed a bill to address a significant transit funding shortfall by redirecting existing revenue sources and increasing local sales taxes, creating the Northern Illinois Transit Authority, and implementing governance reforms to improve and sustain public transportation services in the Chicago area, avoiding large statewide tax hikes.

via ABC7 Chicago|
#illinois#public-transit#public-transit-funding
politics7 months ago

Illinois unveils $55.2B budget with healthcare cuts and new taxes

Illinois lawmakers unveiled a $55.2 billion budget plan that addresses a $1 billion shortfall through increased gambling and tobacco taxes, while making controversial cuts to immigrant healthcare programs affecting nearly 33,000 people, amidst ongoing political negotiations and opposition from some legislators and groups.

via Chicago Sun-Times|
#illinois-budget#immigrant-healthcare-cuts#legislative-negotiations
politics1 year ago

Illinois Senate Passes $53.1B Budget with Tax Changes and New Funding

The Illinois Senate approved a $53.1 billion budget for Fiscal Year 2025, which includes tax increases, elimination of the grocery tax, a new child tax credit, and funding for migrant and healthcare programs. Critics argue it prioritizes noncitizens and increases spending, while supporters highlight relief measures and investments in education and technology. The House will vote on the budget next.

via MyStateline.com|
#budget#child-tax-credit#illinois
politics1 year ago

"UK Election Campaign Overshadowed by Rising Debt Concerns"

The Institute for Fiscal Studies (IFS) warns that the next UK government will face significant financial challenges, with potential tax increases or public service cuts needed to manage high debt and low economic growth. Both Labour and the Conservatives have committed to reducing debt, but the IFS stresses the need for an open discussion on how to achieve this. The IFS highlights that without a dramatic improvement in growth, tough financial decisions will be necessary, impacting voters' fortunes.

via BBC.com|
#economic-growth#election-campaign#politics
finance1 year ago

Millennials Face Social Security Challenges: Solutions and Strategies for Retirement

A report indicates that millennials will bear the brunt of fixing Social Security, facing potential tax hikes or benefit cuts as the program's trust fund reserves are projected to be depleted by 2035. Delays in addressing the shortfall mean that boomers and Gen Xers will likely avoid these financial burdens, leaving millennials and subsequent generations to cover the costs. Millennials, already behind in retirement savings due to student debt, are increasingly concerned about the future of Social Security.

via Yahoo Finance|
#benefit-cuts#finance#millennials
politics1 year ago

"Yellen and GOP Clash Over Biden's Tax Plan in 2025 Budget Hearing"

Treasury Secretary Janet Yellen defended President Biden's 2025 fiscal budget proposal during a Senate Finance Committee hearing, assuring Republican senators that taxes would not rise for those earning less than $400,000. The debate centered around the expiration of provisions from the Tax Cuts and Jobs Act, including the child tax credit, with Yellen emphasizing Biden's commitment to not raising taxes on households making under $400,000 and the importance of the Child Tax Credit in reducing child poverty. Biden's $7.3 trillion spending proposal aims to reduce the federal deficit by $3 trillion without increasing taxes on Americans earning less than $400,000, while House Republicans seek to pare down the deficit with cuts to the Inflation Reduction Act.

via CNBC|
#biden-budget#child-tax-credit#janet-yellen
politics1 year ago

Maryland Legislators Propose Tax Increases to Offset Revenue Shortfall

Maryland House Democrats proposed a $1.2 billion tax, toll, and fee increase package to address mounting deficit projections, aiming to secure sustainable funding for education and transportation projects. The proposal includes measures such as legalizing and taxing online gambling, imposing new fees on electric vehicles, and raising tolls for out-of-state drivers. The move has sparked tensions within the Democratic party, with Senate leaders advocating for a public case before implementing tax hikes, while Republicans oppose the tax increases, labeling it as the biggest in state history.

via The Washington Post|
#budget#democrats#education