by Wesley Fox Governor Quinn recently announced a new $7 million “business investment package” that will keep U.S. Cellular’s headquarters in Illinois. The package is part of the state’s Economic Development for a Growing Economy Tax Credit Program (EDGE). The program provides tax credits to companies that promise to make capital investments within the state and create 25 new...
by Kate Piercy Not many people understand tax increment financing (TIF) very well, and the lack of transparency in the TIF process, particularly in Chicago, leaves many taxpayers unaware of exactly where TIF developments are located, how many tax dollars are going into these TIFs, and how the money is being spent. Mayoral candidates looking to fill...
by Kate Piercy Mayor Daley went forward with his plans to use TIF reserves in order to “balance” his proposed FY2011 budget, leaving it to his future replacement to tackle the inherent problems that led the city into a deficit in the first place. Balancing the budget is important, but TIFs were not created to be used...
by Wesley Fox With the release of the 2010 Capital Bill Piglet Book highlighting wasteful spending by the state, I was curious to see what kind of wasteful spending was taking place at the federal level on behalf of Illinois. This information was gathered from the Citizens Against Government Waste Pork Database and includes their sponsored earmarks for the...
by Brian Costin This is the weekly Liberty Leaders e-mail sent out for the second week of October. To sign up for the weekly (every Tuesday) Liberty Leaders email click here, select Volunteer Opportunities (Liberty Leaders Program). Help Stop TIF Abuse Tax increment financing (TIF) has been around for over thirty years, many people do not understand...
by Wesley Fox Despite Illinois’s record deficit and $6 billion in unpaid bills, Governor Quinn recently announced $50 million in new spending for the Neighborhood Recovery Initiative. The Initiative would focus on job training for adults and small businesses and also provide funds for small businesses in troubled neighborhoods with the goal of addressing violent crime problems by...
by Ashley Muchow Pew Center on the States and the Public Policy Institute of Californiareleased a comprehensive study this morning zoning in on the public’s opinion of state fiscal management. The study, Facing Facts: Public Attitudes and Fiscal Realities in Five Stressed States, polled residents from five fiscally distressed states: California, Arizona, Florida, New York, and our very...
by Amanda Griffin-Johnson As the debate over whether or not to extend the Bush tax cuts continues, Veronique de Rugy of the Mercatus Center adds some much needed perspective by comparing the size of the tax cuts to the amount of spending over the next decade. In The American, the journal of the American Enterprise Institute, Dr. de...
by Mark Cavers Last week the President was campaigning in Iowa when he was asked about his administration’s perpetual push to increase taxes. His response: “Your taxes haven’t gone up in this administration. Your taxes have gone down in this administration. There’s a notion that, well, he’s a Democrat so your taxes must have gone up....
Apparently Bill Gates, Sr. is not smarter than a 5th grader because he seems to think the correct answer is 74. Mr. Gates is advocating for a progressive income tax increase in Washington state. He has put $500,000 of his own money into the initiative campaign to impose this tax on the people of Washington. That data...
by Ashley Muchow Arthur Laffer addressed a core issue regarding the economic impact of state income taxes in the WSJ today. Laffer addressed the often ignored negative impact income taxes have on state economies. Illinois’s personal income per capita decreased from 133 percent of the U.S. prior to its 1969 income tax levy, to just 106 percent...
by Wesley Fox Like many states, Illinois faces severe budget problems resulting from the economic recession. Illinois’s budget problems are made worse by the massive cost of its Medicaid program. According to the National Association of State Budget Officers, Medicaid represents approximately 30% of the Illinois budget. Only two other states (Maine and Missouri) commit more of their...
by Amanda Griffin-Johnson Over the weekend, unions in France protested pension reform plans, which include raising the retirement age from 60 to 62. The reforms are an effort to maintain France’s AAA credit rating and limit the growing public debt. But the reforms are rubbing some the wrong way. Reuters reports: The unions and the left-wing opposition say the...
With the Chicago Mayoral race heating up, so too is talk about the City’s $500M annual Tax Increment Financing (TIF) revenues. Former Chief of Staff to President Obama, Rham Emanuel recently gave a call to former Alderman and now U.S. Congressman Mike Quigley in regards to Chicago’s TIF districts. Recently, two Cook County Board President candidates,...