A progressive income tax means fewer resources for businesses to invest, grow and create jobs
A progressive income tax means fewer resources for businesses to invest, grow and create jobs
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...
By Benjamin VanMetre, Erik Bauman
Mayor Emanuel’s property tax hikes: $750 million is just the beginning
Mayor Emanuel’s property tax hikes: $750 million is just the beginning
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...
IMRF should not be used as a model for Chicago
IMRF should not be used as a model for Chicago
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...
By Benjamin VanMetre
State Sen. Don Harmon’s progressive tax plan would hurt Illinois’ small businesses
State Sen. Don Harmon’s progressive tax plan would hurt Illinois’ small businesses
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...
By Benjamin VanMetre
Quinn reneging on ‘temporary’ tax hike cowardly, dishonest
Quinn reneging on ‘temporary’ tax hike cowardly, dishonest
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...
By Jonathan Greenberg
State Sen. Don Harmon’s progressive tax plan would hurt middle-class Illinoisans
State Sen. Don Harmon’s progressive tax plan would hurt middle-class Illinoisans
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...
By Benjamin VanMetre
Illinois’ recipe for exodus: 7 different tax structures proposed for 2015
Illinois’ recipe for exodus: 7 different tax structures proposed for 2015
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...
By Michael Lucci
Madigan tax proposal would hit small businesses
Madigan tax proposal would hit small businesses
One-quarter of the revenue generated by Madigan's surcharge comes directly from small businesses.
By Michael Lucci
Illinois’ comeback: The real facts
Illinois’ comeback: The real facts
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...
By Benjamin VanMetre
Quinn’s 3 budget falsehoods
Quinn’s 3 budget falsehoods
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...
By Benjamin VanMetre
Millions that migrate
Millions that migrate
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...
By Michael Lucci
Madigan’s Chicago bailout
Madigan’s Chicago bailout
Illinois House Speaker Michael Madigan is calling for another big tax hike – one that conveniently funnels hundreds of millions of dollars each year to his home district of Chicago. He and his legislative colleagues will have collected more than $31 billion in new tax revenues by the time the temporary tax hike sunsets in...
Illinois’ $31 billion tax hike: Where did the money go?
Illinois’ $31 billion tax hike: Where did the money go?
$31.6 billion is more than what Illinois spends on all core government services (e.g., education, health care, human services, public safety) in a full fiscal year.
By Benjamin VanMetre
Five Illinois “fair tax” myths
Five Illinois “fair tax” myths
Myth #1: “The ‘fair tax’ will only affect the rich.” Don’t be fooled. The ‘fair tax’ is being sold as a tax on the rich. But under the proposal from state Rep Naomi Jakobsson, D-Urbana, the lawmaker who is sponsoring the bill to put a so-called “fair tax,” or progressive tax, amendment on the...
By illinoispolicy