This memo provides a review of the funding guarantee provisions found in the pension reform bills that currently are or have been under consideration by the Illinois General Assembly.
A growing percentage of taxpayers owe nothing in income taxes after accounting for credits and deductions.
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.
Illinois current state excise taxes per gallon of beer ($0.23), wine ($1.39) and spirits ($8.55) are higher than most neighboring states.
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.
Illinois Gov. Pat Quinn announced a proposal on Wednesday to spend $12.62 billion over the next six years on transportation projects.
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.
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.
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.
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 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...
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.
Counties across Illinois reject school facility sales tax hikes.
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?