Budget + Tax

Pensions vs. schools: Chicago Public Schools

CPS pension costs rising faster than state aid can keep up.

Institute on WTAX Springfield: Pensions vs. schools

Collin Hitt talks about the Institute's Pensions vs. schools report series.

Pensions vs. schools: Downstate and suburban PK-12 education

The problem Illinois is facing a fiscal crisis. The expense of retirement benefits is overwhelming many areas of the state budget. Lawmakers have known of this situation for years, but thus far have not adopted a comprehensive solution. The state faces an $85 billion unfunded liability to its pensions systems. It owes another $45 billion...

How refreshing: “Missouri Legislature opens with no-tax-hike pledges”

A fresh start with the right priorities.

Pensions vs. schools: Higher education

Illinois legislators sweat the small stuff

by Kristina Rasmussen Illinois has trouble. Big trouble. Our public pension system is one market crash away from disaster. Our unemployment numbers are over 10 percent. People are hightailing it for greener pastures. You’d think Illinois legislators would focus on turning this state around with bold reforms. Think again. Even as the Illinois General Assembly failed to address the pension crisis,...

Durbin can’t have it both ways

by Kristina Rasmussen U.S. Sen. Dick Durbin (D) is hitting the media circuit raising concerns about stalled efforts to extend a temporary payroll tax holiday, warning that without action Illinois families will see their paychecks shrink: “A hundred and sixty million workers across America, 12 days from now, will see their payroll tax go up,” said Senator...

Elgin city tax hike

The Elgin City Council plans to vote tonight on a new budget that increases taxes and adds new fees. The Council has chosen to pursue new revenue sources to fill a $4.5 million deficit, rather than run a more efficient government. This strategy of higher taxes only compounds the problems that average Illinoisans and residents of Elgin...

By Chris Andriesen

Budget Hawk, meet Tree Hugger: Coalition calls for the end of FutureGen earmark

by Kristina Rasmussen Today I stood up with a left-right coalition to call for the end of the FutureGen earmark. Details are below. Illinois Farmers, Government Watchdogs, and Environmentalists Hold Press Conference on FutureGen and Its Implications on the Federal Budget and Environment Springfield, Illinois—Today, representatives of Taxpayers for Common Sense, The Heartland Institute, Friends of...

Perfectly progressive

by Kristina Rasmussen Illinois’ flat tax is one of the few bright spots in our state’s tax code. It’s simple, fair and good for growth. And, as NRO’s Kevin Williamson puts it, a flat tax is perfectly progressive: One’s income-tax liability is perfectly proportional to one’s income: At 10 percent, that means $10 on $100 in income, and...

Small business alert: Tax relief is waiting for you?

by Dan Proft In January of this year, Gov. Pat Quinn, House Speaker Mike Madigan and Senate President John Cullerton passed the largest tax increase in Illinois history. They proceeded to spend much of 2011 carving out special exceptions to the tax hike for politically powerful Illinois employers. This week, Sears and the CME Group...

Stopping union boss pension abuses: Can the legislature defend needed reforms?

by Jacob Huebert In its November veto session, the Illinois General Assembly failed to pass the comprehensive pension reform that Illinois needs to avoid fiscal disaster. But at least it took one step in the right direction: It voted to repeal provisions of state law that allowed a few privileged individuals to receive large public pensions for the years they spent...

The simple solution: Repeal the tax hike

by Ted Dabrowski Earlier this year, lawmakers raised income taxes by a record amount. The tax increases included a hike in the state’s corporate tax rate to 7 percent, up from 4.8 percent. When combined with the personal property replacement tax levied on businesses in Illinois, they now face a corporate tax rate of 9.5...

Personal tax relief is still missing

by Kristina Rasmussen From the sounds of it, House leaders are planning another go on the “tax relief” deal and break it up into two amendments. One for the business measures, and one for the personal measures. My dissatisfaction with Democrats’ previous attempts to offer tax relief to individuals and family is no secret (get my take from...