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News Link • TAXES: State

Illinois Eyes 30 Cent Gas Tax Hike, Chicago Eyes Property Tax Hike

• themaven.net by Mike Mish Shedlock

Other than disbanding the body, that's the best place for them. When they return, they are going after your pocketbook in the form a gas tax hike. Not to be outdone, Chicago Mayor Rahm Emanuel is pondering property tax hikes.

In July, the State legislature overrode Governor Rauner's veto and passed the largest tax hike in history. The hike raised the individual rate to 4.95 percent from 3.75 percent and the corporate rate to 7 percent from 5.25 percent.

With those hikes, households making about $100,000 will pay an additional $1,200 in taxes each year.

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