Of all Illinois’ taxes, its death tax is the most morbid. Only 15 states in the U.S. levy a tax on death, and Illinois has the second-highest rate. Death taxes include estate and inheritance taxes. They hit certain Illinois families hard. Farmers, investors and business owners often need substantial assets to generate a moderate income....
Last October, the Illinois Supreme Court struck down the state’s “Amazon tax,” a state law that would have forced many online retailers to pay Illinois taxes regardless of whether they had any physical presence in the state. Now, despite this ruling, some legislators are trying to bring back this tax. The “Amazon tax” required Amazon...
There’s nothing like summer in Chicago – after months of winter weather, the city awakens and becomes a haven for residents and tourists alike. But travelers who come to the city take in its splendor at a high price, on top of what they pay for hotel rooms, dinner and entertainment. Out-of-towners shell out more...
Illinois lawmakers have voted down a proposal that would have imposed a $0.01 per-ounce tax on soft drinks sold in the state of Illinois. According to the Illinois Manufacturers Association, the tax would have added $2.88 to the cost of a case of soft drinks. It would also have added to the already-heavy regulatory burden...
Illinois politicians passed a record income tax increase in January 2011. Part of the deal they made was to allow most of that tax hike to sunset in 2015. That deadline is quickly approaching – Illinois’ income tax rates are legally required to come down in nearly six months. Lawmakers should have been preparing for...
In 2011, Illinois lawmakers passed the largest income tax increase in the state’s history with the promise that the increase would sunset in 2015 and income tax rates would return to their previous rates. In other words, the income tax increase was made to be temporary. Today, on the cusp of the income tax increase...
An estimated 32 million drivers will hit the road this Memorial Day weekend, according to AAA. And those leaving from the Chicago area will feel much more pain at the pump. The national average for a gallon of gas is $3.65. In Illinois, the average price per gallon is $3.83. But the average price per...
House Speaker Mike Madigan couldn’t get a progressive tax hike on the November ballot. His next effort, to get an extension of the tax hike, has failed so far. Now, he is back with yet another money-grab scheme. Madigan has proposed an advisory referendum on the fall ballot proposing a millionaire surcharge. (An advisory referendum...
Fifty percent of all Illinoisans would leave the state if they could. Twenty-five percent think it’s the worst state to live in. Another 72 percent don’t trust their government. These numbers came from three recent Gallup polls. In all three surveys, no state polled worse than Illinois. You’d think with results like that, the last...
A new report by Americans for Tax Reform shows that Democratic governors have enacted more than $58 billion in tax increases since 2011. Republican governors, on the other hand, have collectively signed more than $36 billion in tax cuts. Maryland Gov. Martin O’Malley, one of the nation’s top five most tax-happy governors, has signed 29 tax increases...
Illinois politicians are nervous. They don’t yet have the votes to pass another tax hike, and they’ve done nothing to prepare a balanced budget under the actual 2015 income tax rates. Now they’ve resorted to guilting Illinoisans into paying higher taxes. We’re all familiar with these stories by now. Politicians have focused on narratives that...
Have you ever wondered why Illinois’ budget is such a mess? Or how this state became the poster-child of how not to run a state? Last week’s budget debates provide a telling look into how Illinois got here. During a floor debate, state Rep. Ron Sandack questioned the state’s ability to pay for one of...
The Illinois Constitution is clear: the Illinois General Assembly’s spending in any fiscal year “shall not exceed the funds estimated by the General Assembly to be available during that year.” The General Assembly has officially estimated how much money the state will have available in fiscal year 2015: about $34 billion. Yet the spending proposed...
Last week, Springfield lawmakers took the first step in taking an additional week’s worth of your wages. Over the course of 11 hours, Illinois lawmakers introduced 73 bills and spent almost $7,700 for every full-time worker in the state. This level of spending assumes that the promised 2011 income tax hike won’t begin to sunset...