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What’s next: more taxation or less spending

  • ​​​Cook County is proposing a whole body of taxes with no firm deadline for committee review. From our heads to our nails, creative taxation methods are meant to address the $6.2 billion deficit, $22.7 billion in unfunded liabilities and $250 billion in pension debt.
  • Any proposed solutions to alleviate debt are politically unsavory. The choices are either increased taxation or spending cuts, including targeted decreases in state worker payroll and education subsidies.
  • It is not easy to individually frame the effect of this long-term financial devolution. Impacting a wide-range of players from small businesses to the elderly, the proposed taxes demand coalition-building at the community level to boost taxpayer power in the General Assembly and Governor’s office. ​

Source: JLL Research, Cook County, Illinois Policy, Chicago Tribune​

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