Budget + Tax

Sen. Syverson Signs Tax Pledge at Rockford Turnaround Tour Stop

On September 30th the Illinois Turnaround Tour made a stop in Rockford. Over 50 people packed the Wallingford Center at the Best Western Clock Tower Resort to hear about the Illinois Turnaround Plan of lower taxes; responsible spending; transparent, accountable government; and a business friendly environment that empowers entrepreneurs, investors and workers. John Tillman, CEO...

Renowned Banking Analyst Predicts Gloom and Doom for Illinois

by Ashley Muchow Meredith Whitney, former banking analyst, and current CEO of Meredith Whitney Advisory Group, doesn’t see anything short of fiscal ruin for a handful of U.S. states. In a Bloomberg interview, Whitney holds up states as the new systemic risks to the U.S. economy. Her company’s latest report, appropriately titled “Tragedy of the Commons”,...

Quinn Fail

by John Tillman Since the tax hike fight of 2009 (the picture on the left is from my debate on Fox 32 on the merits of a tax hike versus spending reforms – see it here) we have been saying some simple things at the Illinois Policy Institute. First, our problems are rooted in structural overspending. Second,...

To Some, Tax Cuts Are Irresponsible Government Giveaways

by Mark Cavers On Friday September 24th, the Editorial Board at USA Today penned an opinion piece titled, “Our view on the Pledge to America.” In this article, USA Today refers to the extension of the 2001 and 2003 tax cuts as an irresponsible “giveaway.” Even more irresponsible is the pledge’s vow to permanently extend all the...

Illinois Is Broke

by John Tillman Illinois is broke but if you are a regular visitor to our site you already knew that. But you may not know just how broke our state is and that one of the root causes of the problem (there are many) is unsustainable public employee pensions. The Civic Committee of the Commercial Club of...

By Chris Andriesen

How to Empty Fat Wallets

by Kristina Rasmussen Earlier today I testified at a House Revenue committee hearing on the matter of online taxation. Up for consideration was SB 3353, and more broadly, the hearing served as a review of attempts to use online affiliates of Internet retailers to establish physical nexus for taxation purposes. So what’s at stake? Some want to impose so-called...

Raising Taxes on Everyone

by Kate Piercy Here’s an eye-opening breakdown of how possible tax increases coming next year could affect everyone, not only “the rich.” Some potential wallops include: As many as 30 million middle-class Americans could get hit with the AMT (Alternative Minimum Tax) next year. A school teacher married to a bus driver, with a combined income $120,000 and...

Cook County Property Tax Bills Will Arrive after Election

by Amanda Griffin-Johnson The timing of Cook County property tax bills this fall has entered the political realm. Last year, the bills were sent just before November. This year, they’re going out well after the election. Could there be political reasons for the later date? The Chicago Tribune reports: Cook County property tax bills won’t be out...

How Do You Solve a Problem Like Chicago?

by Amanda Griffin-Johnson Earlier this week, Chicago’s Inspector General (IGO) released the second annual “Budget Options” report featuring 63 options for the city to cut costs or raise revenues. While the ideas range from low-hanging fruit to political non-starters, the report highlights the severity of the fiscal difficulties the city is facing with personnel costs and...

U.S. corporate tax rate pushes jobs overseas

by Ashley Muchow Our current administration has another plan to bring jobs back the U.S. Though the end goal is merited, the plan of action is grounded in poor economic reasoning. President Obama claimed last week that “for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to...

Billions and Billions: Putting the Looming Tax Hikes in Perspective

The Problem $3 billion, $5 billion, $10 billion—the talk surrounding impending federal and state tax hikes is downright scary these days. Governor Pat Quinn proposes a 33 percent increase in the state’s individual income tax rate, equal to raising the burden on Illinois taxpayers by a total of $2.8 billion. David Vaught, Governor Quinn’s budget...

By Chris Andriesen

A Novel Approach to Budget Planning

by Wesley Fox In the last few years, the federal government and many state governments have used a similar approach to dealing with the economic downturn: higher taxes and more government spending. Governor Quinn’s proposed tax hikes and his $31 billion Illinois Jobs Now capital spending program are a perfect example. Meanwhile, Chicago Park District...

How Well Is the GOMB Managing and Budgeting?

by Ashley Muchow If you missed the Auditor General’s release last week, you’ll be surprised to see the findings are far from negligible. Based on all the grading standards I accepted as a student, it’s fair to say most teachers would have failed the Governor’s Office of Management and Budget on their most recent state audit. The...

Worth Less than the Stamp that Sent It

by Ashley Muchow Ah, finally. The payment the state owed me finally showed up at my doorstep. But, wait. What is this? 3 cents! That’s it? No joke. Our state government has been sending out interest payments via check for overdue vendor remittances that, in some cases, amount to less than the postage it takes...