Moody’s right, S&P wrong on Illinois budget
Moody’s right, S&P wrong on Illinois budget
Illinois’ bond rating may not be junk, but the state’s finances still are.
Understanding why the new budget fails Illinoisans
Understanding why the new budget fails Illinoisans
Tax hikes on struggling Illinoisans as the state is bordering on a recession, a lack of structural spending reforms, no true pension reform, $100 million in pork spending, and the continued threat of a junk credit rating are among the ways the new Illinois budget fails taxpayers.
After historic tax hike, the real pain has just begun
After historic tax hike, the real pain has just begun
The state will eat a 32 percent larger chunk out of most workers’ paychecks, retroactive to July 1.
Chicago home to costliest on-street parking in nation, according to report
Chicago home to costliest on-street parking in nation, according to report
High parking fees in the city only add to the heavy burden of taxes and fees Chicagoans face.
Illinois income tax increase now in effect
Illinois income tax increase now in effect
The Illinois Department of Revenue issued details on how to comply with the state’s increase income tax, signaling the reality of higher taxes for Illinoisans.
Rockford receives credit downgrade as pension debt grows
Rockford receives credit downgrade as pension debt grows
As pension debt mounts, Moody’s Investors Services has downgraded the city of Rockford to an A2 rating.
CPS borrows another $500M at sky-high interest rates
CPS borrows another $500M at sky-high interest rates
Chicago Public Schools has issued an additional $500 million in long-term high-interest bonds, following $387 million the district borrowed from JPMorgan in June.
New study ranks Illinois 2nd-worst in fiscal health
New study ranks Illinois 2nd-worst in fiscal health
New findings from the Mercatus Center highlight how Illinois’ reliance on debt and costly pension and other employment benefits have put the state on the wrong fiscal track.
Illinois’ $21 billion in school debt pushes up property taxes
Illinois’ $21 billion in school debt pushes up property taxes
Illinois’ debt per student is the 11th highest of any state in the nation. It is almost 15 percent higher than the national average of $8,764.
State of Illinois loses $4 million in lottery revenue due to budget crisis
State of Illinois loses $4 million in lottery revenue due to budget crisis
That total comes from $2.4 million lost due to the absence of Powerball ticket sales and $1.4 million lost due to the absence of Mega Millions ticket sales.
Sales tax hikes take effect in 50 Illinois taxing districts
Sales tax hikes take effect in 50 Illinois taxing districts
More than 50 Illinois counties, municipalities and business districts started imposing sales tax increases ranging from 0.25-1.5 percent as of July 1.
Moody’s warns of another credit downgrade for CPS after district fails to make full $733 million pension payment
Moody’s warns of another credit downgrade for CPS after district fails to make full $733 million pension payment
Chicago Public Schools failed to pay in full the $733 million pension payment that was due June 30, instead making a partial payment of $464 million, even after taking out a $387 million loan from JPMorgan.
Illinois lawmakers pass permanent income tax hike, override Rauner’s veto
Illinois lawmakers pass permanent income tax hike, override Rauner’s veto
The Illinois House of Representatives has completed an override of Gov. Bruce Rauner’s veto of a budget plan, including multibillion-dollar tax increases.
Illinoisans are still waiting for independence
Illinoisans are still waiting for independence
More than 240 years ago, a group of individuals stood up against a far-off king who taxed them without recourse. Americans honor their efforts each year on Independence Day. The Illinois General Assembly had a funny way of celebrating this year. On July 2, the Illinois House of Representatives passed a budget that includes the...