Budget + Tax Archives - Page 132 of 281

Basic Math – Teacher Pensions

by Kristina Rasmussen Illinois is still broke. Teachers, listen up. It is time for the truth.

Putting Up New Curtains When Your House Is On Fire

by Kristina Rasmussen The state is spending hundreds of millions of dollars on renovating the capitol building in Springfield. That money is being spent even as Illinois state government faces billions in past-due bills. As one of my colleagues noted, it’s like putting up new curtains when your house is on fire. Here’s a run down...

If Illinois Members of Congress had their way, how much would government spending increase or decrease?

by Kristina Rasmussen If Illinois Members of Congress had their way, how much would government spending increase or decrease? The National Taxpayers Union Foundation keeps a running tally of each Congressman’s net spending agendas as measured by their bill co-sponsorships. Last week I asked them to share preliminary data on the spending agendas of members of the Illinois...

Repeal the Tax Hike?

by Mark Cavers Last week, the Illinois Policy Institute partnered with the Manhattan Institute to release a poll measuring the public’s mood on a wide range of issues including: Pensions, the state’s budget, the economy, taxes, unions, and collective bargaining. According to our poll, 63% of people still oppose the tax hikes that were passed in January. Even more...

A Simple Solution for Mr. Buffett’s Tax Problem

by Kristina Rasmussen Warren Buffett recently took to the opinion pages of the New York Times to decry America’s unfair tax system. According to his calculations, his effective tax rate is around 17 percent while his the people in his office pay effective rates averaging 36 percent. His solution? Washington should hike his taxes. And yours, while they’re...

Balanced Budgets vs. Mass Layoffs

by Kristina Rasmussen Two headlines caught my attention this morning. Headline #1: Wood County [Wisconsin] budget starts with surplus For the first time in 10 years, Wood County will enter the budget process with a surplus. The state’s budget repair bill enacted this year requires public employee contributions of 5.8 percent to retirement plans. … Looks like...

Taxed on Shipping

by Kristina Rasmussen The next time you make a major purchase online, keep your eye on the tax bill. Thanks to a little-known aspect of Illinois’s tax code, shipping charges may be subject to sales taxes. That’s right, you could be getting taxed on shipping. Today’s Chicago Tribune highlights how sales taxes must be applied on shipping fees above...

Quinn Signs Bill Easing Way for Local Sales Tax Increases

by Kristina Rasmussen Governor Pat Quinn recently signed a bill making it easier for local school districts to reap a windfall from higher local sales taxes. According to Chris Wetterich over at the State Journal-Register, Quinn’s action“eliminates the ability of county boards to block or reduce school construction sales tax levies.” That’s a shame, because as I experienced...

Today Is Cost of Government Day

by Emily Dietrich In April, Americans celebrated Tax Freedom Day – the day of the year on which workers’ have earned enough money to pay all their annual taxes at the federal, state and local level. Liberating, right? Not so fast. When total government spending and costly regulations are factored into the government’s price tag,...

Moody’s Confirms Institute Analysis

by Ted Dabrowski Last Thursday, the Illinois Policy Institute warned of Illinois’s ballooning pension liabilities (See US Downgraded: Illinois Next?). In particular, the Institute’s paper highlighted the increasing scrutiny Illinois will receive from credit agencies once they begin to account for state’s overwhelming retirement obligations. Only hours later, Moody’s Investors Service, the credit rating agency, released...

Bringing Down the House?

by Aon Hussain For weeks on end the debt ceiling deadline debate captured the public’s attention on a very serious fiscal situation. But what was actually accomplished in terms of solving our nation’s problems? Here’s a look at the projected numbers for fiscal year 2011. US Tax Revenue: $2,228,000,000,000 Federal Budget: $3,708,000,000,000 New Debt: $1,480,000,000,000 National Debt: $14,584,000,000,000...

Citizens Don’t Want More Taxes

by Aon Hussain With the world watching, the Republican controlled House and the Democrat controlled Senate and President came to an agreement on the debt ceiling that simultaneously raised the debt ceiling and ensured more than two trillion dollars in spending cuts. While this showdown was combative, another duel between Democrats and Republicans looms in...

What Happens When a City Goes Bankrupt?

by Kolin Karchon On August 1st, the city of Central Falls in Rhode Island filed for Chapter 9 bankruptcy protection citing that “the city’s financial condition has deteriorated to the point where it is insolvent.” The city’s pension plan is expected to run out of assets by October, but city negotiations regarding benefit cuts with current workers...

National Study: More Costly Health Benefits for Public Workers

by Kristina Rasmussen Josh Barro of the Manhattan Institute has a new study out examining the high cost of public employee health care benefits, and he finds that “public-employee health benefits are more expensive than those in the private sector.” In the last quarter of 2010, government employees eared $4.66/hour in health benefits, compared to just $2.08/hour in...