Budget + Tax Archives - Page 153 of 281

Illinois taxpayers shelling out more to pay for state lawmakers’ retirements

by Ted Dabrowski Legislators’ contributions to the General Assembly Retirement System, or GARS, have gone up by 33 percent since 1998. During the same time period, taxpayer contributions to legislators’ retirements increased by 237 percent. In 2012 alone, Illinois taxpayers contributed nearly $9 million more to GARS than legislators did. And the disparity between taxpayers...

Illinois and Chicago travelers still paying among highest gas prices in country despite price drop

Since last month, gas prices in Illinois have fallen below the $4 mark, dropping by $0.32. But Illinois’ average price per gallon is still almost $0.25 above the national average of $3.48. Chicago’s average price at the pump is even higher – $4.12. Though this is a significant drop from less than a month ago when Chicago had...

By Hilary Gowins

Quinn’s crystal ball

After several months of saying that pension reform inaction by the Illinois General Assembly costs taxpayers $17 million a day, Gov. Pat Quinn lowered that number to $5 million per day for fiscal year 2014. That’s surprising, since no pension reform bill was passed in the recent legislative session and the unfunded liability is still almost...

By Ted Dabrowski

Taxpayer contributions to SURS increased 333 percent since 1998

Employee contributions to the State University Retirement System, or SURS, have gone up by 16 percent since 1998. During the same time period, taxpayer contributions to university worker retirements increased by 333 percent. In 2012 alone, Illinois taxpayers contributed $730 million more to SURS than university employees did. And the disparity between taxpayer and employee...

By John Klingner

Illinois’ seemingly endless appetite: another $1.3 billion borrowing

by Ted Dabrowski As if Illinois didn’t have enough debt to deal with, the state borrowed another $1.3 billion. The state says it needs the money for infrastructure projects. Illinois tapped the bond markets despite the current fallout from the state’s failure to reform pensions and the recent bond market instability, which drove states like...

Illinois cigarette tax hike falls $130M short of projected revenues

Remember when the state of Illinois said its new $1 cigarette tax would bring in $350 million in additional revenue? Unless this tax garners an additional $138 million in the next 10 days, these lofty projections are about to crash and burn. The cigarette tax hike, which took effect a year ago this month, is...

By Hilary Gowins

Chicago Public Schools looking for cash can start by ending teacher pickups

Chicago Public Schools pension payment will increase by roughly $400 million due to the expiration of a temporary “pension holiday.” Local lawmakers knew this was coming but did nothing to prepare for the increased payment. The good news is there is a simple, responsible way to cut more than 30 percent of the increased pension...

By Benjamin VanMetre

Illinois pension debt to double as new Moody’s methodology kicks in

It’s taken as fact that Illinois’ five state-run pension systems have a $100 billion funding shortfall. That’s what the official reports say. But all that’s about to change. Moody’s Investors Service is making good on its promise to evaluate state pension plans on more realistic assumptions. The rating agency has long critiqued the pension funds’...

Illinois lawmakers still shopping without price tags

In March, the Illinois Policy Institute released a report on the lack of fiscal notes – or legislative “price tags” – on legislative bills that passed the 97th General Assembly. Fiscal notes estimate the costs, savings and revenue gain or loss resulting from the implementation of proposed legislation. Crafted properly, fiscal notes can provide a wealth of...

By Jane McEnaney

The ‘temporary’ income tax hike was a lie 

When lawmakers passed the record 2011 tax hike they went on record making promises to taxpayers about the purpose and temporary nature of the tax hike. Now it’s clear that those promises were actually lies. When passing the tax hike, Gov. Pat Quinn said: “We have some temporary tax increases that are designed to pay our...

By Benjamin VanMetre

Chicago has highest gas prices in the country

In the fight for the highest gas prices in America, Chicago now reigns supreme. Customers purchasing fuel in the city are now paying an average of $4.59 per gallon. That’s $0.13 more per gallon than when we last reported on Illinois’ high gas prices at the end of May. Many have chalked up Chicago’s consistently high gas prices to...

By Hilary Gowins

Illinois’ congressional delegation proposes radical changes to government spending

by Brian Costin When it comes to proposing radical changes to government spending, Illinois Democrats vastly outdo Illinois Republicans. In fact, a group of five liberal Democrats from Illinois propose spending increases that dwarf the spending cut proposals of any Republican in the country by a wide margin. This information comes from a new National Taxpayers...

Illinois General Assembly continues to ignore the basics of good public policy

by Ben VanMetre Illinois has a spending problem. State government spending has grown at three times the rate of inflation since 1990. Despite Illinois’ existing balanced budget requirement, the state hasn’t had a balanced budget since 2001. That’s because political leadership in Illinois has been ignoring the basics of good public policy for decades. Lawmakers had the...

Moody’s downgrades Illinois credit rating: 13th credit downgrade under Quinn

by Ted Dabrowski Moody’s Investors Service downgraded Illinois’ credit rating to “A3” from “A2” after the General Assembly failed to move forward on pension reform before the end of the spring legislative session. The rating agency also says it has a negative outlook on Illinois’ credit: “The negative outlook reflects our expectation that Illinois’ pension...