Chicago needs a ‘wartime budget’ to face the COVID-19 crisis
Chicago needs a ‘wartime budget’ to face the COVID-19 crisis
City leaders must prioritize critical spending – and avoid hiking taxes on a struggling economy.
Gas taxes nearly equal to cost of gas in Illinois
Gas taxes nearly equal to cost of gas in Illinois
Illinois’ taxes and fees on gasoline keep the pump price high, even when oil producers are paying for someone to take excess crude. The state gas tax is set to rise again in July.
Why Congress should reject Illinois’ $44 billion bailout request
Why Congress should reject Illinois’ $44 billion bailout request
Two decades of fiscal mismanagement have left state finances ill-prepared for the COVID-19 pandemic. Congress should condition any additional aid for troubled states on taxpayer protections that ensure pensions are solvent, accounting is realistic and budgets are balanced.
McConnell says he favors allowing states to declare bankruptcy
McConnell says he favors allowing states to declare bankruptcy
As Illinois teeters on the edge of a junk credit rating, one key policymaker is floating bankruptcy as a solution.
Pritzker doubles down on progressive income tax, says Illinois needs $3.7B tax hike ‘now more than ever’
Pritzker doubles down on progressive income tax, says Illinois needs $3.7B tax hike ‘now more than ever’
Despite a massive national economic contraction, Pritzker is resisting calls to pull a large tax hike from the November ballot.
Federal Reserve throws credit lifeline to near-junk Illinois
Federal Reserve throws credit lifeline to near-junk Illinois
The Federal Reserve announced unprecedented plans to directly purchase up to $500 billion in state and local government bonds. States with poorly managed finances, such as Illinois, stand to benefit most, but long-term threats loom without structural reforms.
‘Fair tax’ paves the way to taxing retirement income in Illinois
‘Fair tax’ paves the way to taxing retirement income in Illinois
By granting broad new taxing authority to Springfield, the progressive income tax amendment makes a retirement income tax much more likely – a fact some supporters have acknowledged publicly.
Illinois personal income tax revenue could fall up to $6.6 billion from COVID-19 lockdown
Illinois personal income tax revenue could fall up to $6.6 billion from COVID-19 lockdown
The severe economic downturn brought on by the coronavirus outbreak and measures taken to contain it could cause state personal income tax revenues to fall by 14.7% to 33.8% this year.
Illinois state, local tax burden ranked highest in nation
Illinois state, local tax burden ranked highest in nation
Illinois residents pay more of their income toward state and local taxes than any other state’s residents. A progressive income tax proposal on the ballot in November would raise the state’s total tax burden by $3.7 billion.
Brad Morin
Brad Morin
"They need to focus inward as a state and not look for more taxes to solve their apparent spending problem. Balance the budget, reform pensions."
Illinois moves closer to becoming first ‘junk’ state with negative credit outlook
Illinois moves closer to becoming first ‘junk’ state with negative credit outlook
Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.
Illinois counties consider delaying property tax payments
Illinois counties consider delaying property tax payments
Delaying property tax payments would give much-needed relief for those struggling without a paycheck during the COVID-19 pandemic.
Why Illinois lawmakers can and should withdraw the progressive income tax hike
Why Illinois lawmakers can and should withdraw the progressive income tax hike
State lawmakers in 2019 passed a progressive income tax amendment at the behest of Gov. J.B. Pritzker. Now that coronavirus has ravaged the state’s small business community, they should withdraw the amendment.
Patricia Hill
Patricia Hill
“This is supposed to be the American Dream for me and my family … I’m holding on to everything I can, but I’m losing because of this house. It’s a nightmare."