On Thursday, the Teachers’ Retirement System announced its annual investment returns for fiscal year 2012. You may recall that it was predicting 8.5 percent returns. So what kind of returns did it actually get? A meager 0.76 percent. For comparison, the S&P 500 grew7.39 percent during fiscal year 2012, while the Dow Jones Industrial average grew 7.92 percent and...
Since 2002, cigarette taxes increased 105 times across the country. Cook County Board President Toni Preckwinkle wants to make it 106. To help fill Cook County’s $267.5 million budget shortfall, Preckwinkle has proposed increasing the per-pack tax on cigarettes by $1. The tax hike is only expected to bring in about $25 million in new revenue. Preckwinkle’s new money...
Cook County faces a projected $267.5 million budget shortfall for fiscal year 2013. Cook County Board President Toni Preckwinkle has a solution: Fill the gap with higher taxes on cigarettes, guns, ammo, gambling and businesses. “We have structural problems that demand structural solutions” Preckwinkle said. The problems are structural, but Preckwinkle’s solutions are not. Tinkering with the tax...
A couple of weeks ago I noted that a performance incentive program for teachers and staff was one of the bones of contention in the Evergreen Park teacher strike. These proposed incentives were based on district-wide performance on the Measure of Academic Progress (MAP) exam, which measures students’ academic growth. The bonuses were tied to...
Since the city of Chicago began Illinois
Illinois
The Tax Foundation has reaffirmed Illinois’ status as a high-tax state in its newly released 2012 Annual State-Local Tax Burden Ranking. Based on the Census Bureau’s 2010 data, the report found that Illinois’ overall tax burden per resident is the 11th highest in the nation. Some highlights from the report include: At 10.2 percent, Illinois has...
The problem State officials have doled out hundreds of millions of dollars in tax breaks and other incentives to keep Fortune 500 names and other big businesses from fleeing Illinois. But were state officials focused on the right targets? Who and what matters most in job creation? The Illinois Policy Institute’s new analysis finds the...
Overall, paid leave cost the state
Instead of telling voters that this amendment doesn't solve the problem, some opponents are making arguments that only serve to provide political cover to lawmakers who falsely claim they're fixing the pension crisis with Amendment 49.
Gov. Quinn is not getting great press these days. The Cato Institute recently ranked him the worst governor in the nation. His approval rating stands at just 26 percent. And while Gov. Quinn may choose to ignore those messages, he may want to heed the warnings the financial markets continue to fire his way. Credit agencies have...
Household incomes have plunged by 8.2% across the nation since President Obama took office. In the President’s old stomping grounds, median household income dropped by 2.6% just between 2010 and 2011. And now Gov. Quinn is working to take even more from families in Illinois through higher taxes. But there’s no room left in the family budget for another...
Sen. Dick Durbin (D-IL) joined Carol Marin on WTTW’s Chicago Tonight to discuss the presidential election, partisan gridlock, and his own future in the Democratic Party. At the 9:15 mark Sen. Durbin says, “NO” to a federal bailout of state pensions.
Class warfare is a form of bigotry; it shouldn