Tax hikes proposed to fund CTA budget shortfall

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.