Record number of taxpayers pay no income tax
Record number of taxpayers pay no income tax
A growing percentage of taxpayers owe nothing in income taxes after accounting for credits and deductions.
Progressive income tax: Effective tax rate higher for top earners
Progressive income tax: Effective tax rate higher for top earners
After tax credits and deductions are taken into account, the effective tax rate for top earners is more than twice the national average further proof that the tax burden is most definitely progressive.
Alcohol can’t escape Illinois tax grab
Alcohol can’t escape Illinois tax grab
Illinois current state excise taxes per gallon of beer ($0.23), wine ($1.39) and spirits ($8.55) are higher than most neighboring states.
Illinois’ pension liability more than doubles under Moody’s new accounting rules
Illinois’ pension liability more than doubles under Moody’s new accounting rules
Moodys is set to require states and local governments to use more transparent and realistic accounting rules when they report their true pension obligations. And that means Illinois debt and underfunding numbers will skyrocket.
Quinn OKs more than $12 billion in new infrastructure spending
Quinn OKs more than $12 billion in new infrastructure spending
Illinois Gov. Pat Quinn announced a proposal on Wednesday to spend $12.62 billion over the next six years on transportation projects.
Gov. Perry to Illinois businesses: Get out while theres still time
Gov. Perry to Illinois businesses: Get out while theres still time
Texas Gov. Rick Perry wrote a letter to businesses in Illinois, offering them a way to escape the states dire fiscal mess and punishing business climate move to Texas.
Springfield City Council votes to hike sales tax
Springfield City Council votes to hike sales tax
After several hours of debate, the city council voted 6-3 to raise the sales tax from 8 percent to 8.5 percent to repay an $86.6 million, 15-year bond issue to finance the three-year infrastructure program.
Illinois takes on tax day with a resolution opposing the progressive income tax
Illinois takes on tax day with a resolution opposing the progressive income tax
The good news: today state Rep. David McSweeney, R-Barrington Hills, introduced a measure that opposes efforts to pass the next multibillion dollar tax hike in Illinois a progressive income tax.
No reason to celebrate Tax Day
No reason to celebrate Tax Day
The 67 percent tax hike on individuals and the 46 percent tax hike on corporations were supposed to pay down the states unpaid bills, but instead 80 cents out of every tax hike dollar went to fund state worker pensions in 2012.
PRESS RELEASE: Illinois Policy Institute applauds House Resolution opposing graduated income tax
PRESS RELEASE: Illinois Policy Institute applauds House Resolution opposing graduated income tax
PRESS RELEASE from the ILLINOIS POLICY INSTITUTE MEDIA CONTACT: Diana Rickert diana@IllinoisPolicy.org or (312) 607-4977 Illinois Policy Institute applauds House Resolution opposing graduated income tax Implementing a “graduated” or “progressive” tax structure in Illinois would mean tax hikes for middle class Illinoisans SPRINGFIELD (April 15, 2013) Across the state, tax hike advocates are laying...
Government has become increasingly dependent on top earners
Government has become increasingly dependent on top earners
If there was any confusion over whether the income tax burden is progressive or regressive in the United States, a recent report by the Tax Foundation, Putting a Face on Americans Tax Returns, clears things up.
Voters reject school facility sales tax hikes in 11 counties
Voters reject school facility sales tax hikes in 11 counties
Counties across Illinois reject school facility sales tax hikes.
Not again – Illinois lawmakers attempt to borrow their way out of debt
Not again – Illinois lawmakers attempt to borrow their way out of debt
Lawmakers have not earned the right to borrow billions more. They were unable to pay down the states massive backlog of bills with a $7 billion tax hike how does anyone think theyll be able to do it with $2.5 billion in borrowing?
Pension funds expected rates of return: Biggest lie in global finance
Pension funds expected rates of return: Biggest lie in global finance
For governments like the ones in Stockton and Illinois, government worker pension plans need ambitious investment returns of nearly 8 percent year in and year out to fund the overly generous benefits officials have handed out