The CHICAGO SUN-TIMES has an article in which a group of business folks call for tax increases. Yep, that's right. The Civic Committee of the Commercial Club of Chicago feel Illinois is in such a mess that the only way out is for some type of income tax increase and closure of sales tax loopholes.
Thankfully, they also firmly and loudly decry the current "Tax Swipe" erhh "Tax Swap", the raising of income and sales tax in exchange for cutting property taxes, as a school funding mechanism, albeit for the wrong reason. They simply feel property taxes are more "stable" as a source of school income.
It also said no money from tax hikes should be used to launch new programs.
The Daily SouthTown actually has a better analysis here.
Both articles have what is (we assume) a typo. They state, "The report came out against a proposed "tax swap," raising property taxes in exchange for cutting income or sales taxes, as a school funding mechanism.".
They have that exactly backwards. It should read, "The report came out against a proposed "tax swap," raising income or sales taxes in exchange for cutting property taxes, as a school funding mechanism.The SouthTown gets it right in its "sidebar", here.
Of course, not to be left out, here's the Blago Administration's spin on the story.
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