California assemblywoman pushes No Pension Bailout legislation
California assemblywoman pushes No Pension Bailout legislation
Recent calculations have put the total level of states unfunded pension debt at more than $2.5 trillion.
Tapped out Illinois makes plans to spend $1.56 billion on new projects in 2013
Tapped out Illinois makes plans to spend $1.56 billion on new projects in 2013
If you owed more than $30,000 on your credit cards and were strapped for cash, would you spend $1,500 on a new home entertainment system?
Lawmakers borrow taxpayers charitable donations to fund government
Lawmakers borrow taxpayers charitable donations to fund government
Mike Billy Illinois News Network Illinois taxpayers can use the states income tax form to donate to child abuse prevention, childhood cancer research and military family relief. But if you want to make sure your money actually gets to the charities, you might want to give them a check directly instead of using the state...
The real “State of the State”
The real “State of the State”
Facts you won't hear during Gov. Quinn's State of the State 2013 address
Politicians gamble on risky investments with TRS funds
Politicians gamble on risky investments with TRS funds
Have you ever wondered what investments politicians have made using teachers retirement savings? If you havent, you should be interested.
Californias fake reforms yield credit upgrade
Californias fake reforms yield credit upgrade
In January, Standard and Poors upgraded Californias credit rating to A from A-, an action the rating agency said resulted from the states improved fiscal condition.
Proponents of progressive tax say rates can be decided later
Proponents of progressive tax say rates can be decided later
State Rep. Naomi Jakobsson, D-Urbana, recently proposed to implement another income tax hike in Illinois is gaining interest across the state. A progressive income tax increases taxes on individuals more as they make more money.
Fitch warnings don’t mean kick the can down the road
Fitch warnings don’t mean kick the can down the road
Illinois’ credit rating received a warning today from Fitch Ratings. What Fitch cited as the “ongoing inability of the state to address its large and growing unfunded pension liability” means a rating downgrade is likely unless reforms are passed within six months. That warning is just another whack for a state that already has been downgraded...
Early warning system to thank for keeping 2011 tax increase from becoming permanent
Early warning system to thank for keeping 2011 tax increase from becoming permanent
During a lame duck session two years ago, the Illinois General Assembly passed a 67 percent income tax increase on all Illinois families. When the bill was filed in early 2011, almost no one knew of its existence. I was the House staffer on revenue at the time, and I only heard about it at 6...
Early warning system to thank for keeping 2011 tax increase from becoming permanent
Early warning system to thank for keeping 2011 tax increase from becoming permanent
During a lame duck session two years ago, the Illinois General Assembly passed a 67 percent income tax increase on all Illinois families. When the bill was filed in early 2011, almost no one knew of its existence.
PRESS RELEASE: Illinois Policy Institute statement on pensions: Real reform means adopting 401(k)-style plan
PRESS RELEASE: Illinois Policy Institute statement on pensions: Real reform means adopting 401(k)-style plan
PRESS RELEASE from the ILLINOIS POLICY INSTITUTE MEDIA CONTACT: Diana Rickert Diana@IllinoisPolicy.org or (312) 607-4977 Illinois Policy Institute statement on pensions: Real reform means adopting 401(k)-style plan SPRINGFIELD, Ill. (Jan. 6, 2013) The Illinois Policy Institute released the following statement from CEO John Tillman regarding pension reform talks: “Illinois can be an economic...
Opponents spar over income tax structure
Opponents spar over income tax structure
Just call it an opening skirmish in what portends to be a protracted conflict.
Illinois credit downgrade prompts delay of bond sale
Illinois credit downgrade prompts delay of bond sale
This morning Illinois was forced to delay a $500 million bond sale essentially, borrowing $500 million to finance state government operations. The delay was due to a drop in lender confidence in Illinois credit worthiness.
Quinn owns 11 of Illinois’ 20 credit downgrades
Quinn owns 11 of Illinois’ 20 credit downgrades
Standard and Poors Rating Services just dropped Illinois credit rating to A- from A. There is not another state in the union with credit as lousy as ours. We are worse off than California.