By rssfeeds-admin 
CHICAGO — Illinois Democrats are proposing tax hikes that could help fund the CTA’s budget shortfall of $200 million.
The Illinois General Assembly is meeting for the second time in October amid the annual fall veto session.
CTA is facing an ongoing financial crisis and a $200 million budget shortfall for next year.
They announced two weeks ago fares are going up next year.
Illinois Democrats are proposing the following to help the shortfall.
- A 7% tax on tickets for large events
- A 4.95% tax on billionaires’ assets they own but have not sold yet
- 50% of gross revenue from speed cameras outside of Chicago
- Slight increase to certain sales tax rates, including raising taxes on some food sales in Cook County by a quarter of a percentage point
CTA job cuts and service reductions up to 40% are on the table if nothing is passed.
The last day of the veto session is Thursday.
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