Chicago has the highest gas prices of any major metropolitan area in the United States. A gallon of gas is now $4.06 on average in Chicago; the national average is $3.56. Though outside factors influence the raw price of gas, one of the reasons Chicago’s prices are consistently among the most expensive in the nation is the additional...
Several special interest groups and lawmakers in Illinois are pushing to increase taxes by swapping out the state’s constitutionally protected flat rate income tax for a progressive income tax. Advocates for higher income taxes try to disguise the tax hike as something it isn’t. Here are the facts on a progressive income tax: Thirty-one of...
North Carolina is gearing up for another reform effort to enhance the state’s competitiveness. This year, political leaders overhauled North Carolina’s tax environment. Beginning in 2014, the state’s progressive income tax will be replaced with a lower, more competitive flat rate income tax. And the new flat rates are scheduled to decrease even more over the...
Illinois’ residents and businesses pay some of the nation’s highest taxes. Illinois has the ninth-highest state and local tax burden per capita, the second-highest property tax burden as a percentage of median home value and the fifth-highest gasoline tax. A recent Tax Foundation study shows that Illinoisans also pay the nation’s 11th-highest combined state and local sales tax rates. The report...
The Illinois General Assembly passed a record income tax increase on individuals and businesses in 2011. And Gov. Quinn promised that it specifically was “designed to pay our bills.” Nearly three years and $18 billion in new tax revenue later, Illinois’ unpaid bills are still growing. Illinois Comptroller Judy Baar Topinka estimates that Illinois’ 2013...
Illinois’ competitive flat-rate income tax is protected in the state’s constitution. But there is a growing movement to increase income taxes in Illinois by swapping out the state’s flat-rate income tax for a progressive tax. The progressive tax plan is being sold as a tax on the rich, but it would hike tax rates on...
If Illinoisans needed any more proof that the state’s defined benefit pension systems are unmanageable and dysfunctional, they got it on Aug. 26. Dick Ingram, head of the Teachers’ Retirement System, or TRS, informed Illinois’ pension conference committee that TRS’s actuaries made a mistake in calculating the expected savings of House Speaker Mike Madigan’s proposed pension...
Illinois’ competitive flat rate income tax is protected in the state’s constitution. But there is a growing movement to increase income taxes in Illinois by swapping out the state’s flat-rate income tax for a progressive tax. The progressive tax plan is being sold as a tax on the rich. But the data tell a different...
Nine states with the highest personal income tax rates lost $90.05 billion in taxable income between 2000 and 2010.
The recent string of credit downgrades by Moody’s Investors Service should leave little doubt what the rating agency thinks of Illinois’ worsening fiscal crisis. For the past few years the state’s five state-run pension funds have garnered most of the negative attention in Illinois. Moody’s has already designated Illinois’ debt as the riskiest of any...
Illinois lawmakers stopped getting paid on Thursday. So did Gov. Pat Quinn, who on July 10 used his line-item veto power to halt lawmaker pay until the General Assembly reaches an agreement on pension reform. But a Rantoul-based credit union has come to their aid, offering interest-free loans to state legislators. According to the State Journal-Register,...
Chicago officials are reviewing the state of the city’s finances in preparation for a months-long budgeting process – and the numbers aren’t pretty. The city of Chicago released today its 2013 Annual Financial Analysis. As this document reveals, growing debt payments and unfunded pension liabilities continue to push the city’s budget into the red. As this...
Illinois can’t pay its bills. Lawmakers continue to eat away at the Illinois family budget with higher taxes. And the state refuses to stop ballooning pension payments from crowding out core government services. Yet Gov. Pat Quinn announced that Illinois will invest $54.8 million 27 private colleges and universities in the Chicago area. Some of this spending...
Chicago officials are reviewing the state of the city’s finances in preparation for a months-long budgeting process – and the numbers aren’t pretty. The city of Chicago released today its 2013 Annual Financial Analysis. As this document reveals, growing debt payments and unfunded pension liabilities continue to push the city’s budget into the red. As this...