Gov. Pat Quinn is in a bind. He’s being asked to sign a Chicago pension bill that he knows has no real reforms and no way to pay for itself. By signing the bill, Quinn will give Mayor Rahm Emanuel his blessing to raise Chicago property taxes by $750 million over five years. But that’s...
On April 8, activists arrived unannounced at the Springfield office of the Illinois Policy Institute to protest our leadership in unmasking an unfair progressive tax grab. They left behind this letter. The following is our response. *** Dear Revs. Sharp, Coulter and Knox: Thank you for visiting our Springfield office earlier this week, and for...
The price of gas in the U.S. is going up, and Chicago is leading the charge. NBC Chicago reported that the average U.S. price of a gallon of gasoline has risen 5 cents in the past two weeks. And Chicagoans are paying $4.18 per gallon of gas on average. That’s the highest price per gallon...
A progressive income tax would hit Illinois’ businesses community hard. That’s because S corporations and most partnerships “pass-through” their income to the individual owners of those businesses, meaning their profits are taxed at the state’s personal income tax rate. That’s on top of the 1.5 percent replacement tax these businesses pay. State Sen. Don Harmon...
Chicago Mayor Rahm Emanuel’s pension proposal, which is headed to Gov. Quinn’s desk, does very little to reform how Chicago’s pension systems work. Under his plan, workers and taxpayers would experience more of the same tired game, except they would be expected to contribute more to keep it afloat. But if Emanuel is going to rely...
A key tenet of the current Chicago pension reform proposal, which is headed to Gov. Quinn’s desk, is an Illinois Municipal Retirement Fund-style funding mechanism that seeks to guarantee that pension payments are made to Chicago’s funds each year. The mechanism allows the state to divert millions of dollars away from the city and into Chicago pension...
State Sen. Don Harmon’s progressive tax hike proposal would be a massive tax increase on Illinois businesses. A recent Tax Foundation report shows that 61 percent of Illinois employers are pass-through entities – meaning their earnings are taxed at the personal income tax rate instead of the corporate income tax rate. Examples of pass-through entities...
Gov. Pat Quinn began his recent op-ed in the Chicago Tribune with a couple of quotes. In that spirit, I’ll do the same. Cowardly Lion: “What makes the sphinx the seventh wonder? Courage! What makes the dawn come up like thunder? Courage! What makes the Hottentot so hot? What puts the ‘ape’ in apricot? What...
Lawmakers and special-interest groups across Illinois are trying to dupe Illinoisans into paying higher income taxes. They’re trying to convince Illinoisans that a progressive income tax hike is only a tax hike on the rich. But that couldn’t be further from the truth. Need proof? Look at the most recent progressive tax hike proposal. Under...
You’re a small business owner planning out your budget for the next five years. You expect explosive growth and a lot of hiring. But your financial future is uncertain, so you factor business risks and uncertainties into your plan. At least you can count on your state government for stability and a clear tax structure...
One-quarter of the revenue generated by Madigan's surcharge comes directly from small businesses.
JOB CREATION: Since 2010, Illinois has recovered only 215,800 jobs, which is 42,000 fewer than Gov. Pat Quinn’s claim of 257,400. More importantly, Illinois is the only state in the Midwest that had fewer payroll jobs in January 2014 than it did when Quinn took office in January 2009. UNEMPLOYMENT: Illinois has the second-highest unemployment...
In January 2011, Illinois politicians pushed through a record income tax increase that raised the income tax rate on individuals to 5 percent from 3 percent, and on corporations to 7 percent from 4.8 percent. After passing the record tax hike, Gov. Quinn went on record saying: “We have some temporary tax increases [falsehood number...
House Speaker Mike Madigan has proposed an extra tax on million-dollar incomes. His proposed legislation, HJRCA51, would amend the Illinois Constitution to impose an additional tax of 3 percent on income over $1 million. This tax won’t touch any millionaires who don’t want to pay it. They’ll simply leave, and they are well-equipped to do so. The middle...