Cook County residents got more bad news last week when Fitch Ratings, the global rating agency, downgraded Cook County’s debt to A+ from AA-. The rating agency cited skyrocketing pension costs as one of the key reasons for the credit downgrade. The most direct impact of the downgrade is higher borrowing costs for Cook County. Infrastructure and...
An important debate about the future of the Export-Import Bank of the United States is raging in Congress and in the media. The House Financial Services Committee held a hearing last month to ask if the bank was “corporate necessity or corporate welfare?” The Ex-Im Bank originated as a New Deal-era program, financing loans to...
Just as travelers prepare to hit the road to celebrate Independence Day weekend, national gas prices have risen to levels not seen since 2008. And though prices have dropped slightly in Chicago, the price for a gallon of gas is still higher than it was last year, according to AAA. Today, the average price per...
It’s Independence Day weekend. You’re driving out to the suburbs, into the city, up to a lake or maybe down to the state capital. You’re going 15 miles per hour over the speed limit. Lights flash. You hear: “License and registration please.” You’re on the hook for $120. Or so you think. In reality, the...
On June 30, Illinois Gov. Pat Quinn signed the state budget for the next fiscal year, which starts July 1. The good news is that this budget does not make the 2011 state income tax increase permanent; all Illinois taxpayers are still on track to see income tax relief next year. The bad news is...
Taxpayers finally scored a victory in Illinois. Lawmakers kept their promise and passed a budget slated to provide income tax relief starting in January 2015. But a threat to that relief still looms large. After the November election this fall, current lawmakers will meet for a final time in January for their lame-duck session. There’s...
Temporary tax hikes notoriously stick around longer than planned. Pennsylvania passed a 10 percent tax on alcohol to pay for damage from a flood in 1936. The state continued to levy the tax after the flood damage was paid for. Today the rate is 18 percent. But lawmakers across the country have been better at...
Today is the submission deadline for proposals to the Barack Obama Foundation, the organization tasked with accepting bids from various contenders vying for Obama’s future presidential library and museum. The competition as it stands is between Hawaii, New York and Illinois; where President Obama was born, where he received his undergraduate degree and where he...
Politicians are waiting for Gov. Pat Quinn to approve their state budget, and many are complaining that the budget isn’t balanced. “The effect of the budget is to delay doomsday by borrowing and increasing our backlog of bills,” said a spokeswoman for Senate President John Cullerton. “Admittedly, this budget reverses some of the progress that...
Illinois Policy Action is announcing an initiative to help hold legislators accountable to their word following the three major state income tax defeats during the spring session. We will be asking all House and Senate members to sign our “Keep Your Promise” pledge, which will affirm politicians’ stated opposition to keeping permanent the temporary 5...
Chicagoans could be on the brink of a cell-phone tax hike. Gov. Pat Quinn has signed into law an amendment to House Bill 2453, which gives the city of Chicago the authority to raise the city’s per-line 911 fee to $3.90 from the current fee of $2.50. Chicago cell-phone users are already hit hard by...
The driving goal of the Illinois Policy Institute is to transform liberty principles into marketable policies that become law. The ultimate sign of success is when free market ideas are enacted into laws that change Illinoisans’ lives for the better. Illinois Policy Action’s 2014 legislative agenda emphasized the importance of a financially responsible and limited...
The 2014 legislative roller coaster is finally over. The good news is that all Illinois taxpayers are on track to see income tax relief next year. The bad news is that politicians pushed through a last-minute budget deal that relies heavily on gimmicks and budget games. Here’s a snapshot of the good, the bad and...
Illinois drivers pay, on average, $0.39 per gallon in state gas taxes. That amount adds up quickly. A driver purchasing 15 gallons of gas in Illinois shells out about $6 extra in state taxes, on top of the price of the gasoline itself. Illinois’ per-gallon gas tax is the eighth highest in the country, according...