by Kristina Rasmussen House Bill 3637 introduced by state Rep. Barbara Flynn Curre would take the cap on registration fees for electric vehicles from $17.50 a year to $222 — 1168% increase!
In what’s become a habit for Moody’s Investors Service, the credit rating agency warned today that Illinois faces more credit downgrades if it fails once again to reform its state-run pension systems. The state already has the lowest credit rating in the nation. This means Illinois pays more to borrow money than any other state. But what’s...
A “cost shift” pension plan was introduced today, Senate Bill 1687 Amendment #2, for the State Universities Retirement System, or SURS. Here are the ins and outs of the plan: What the cost shift does: A significant driver of Illinois’ $97 billion pension crisis is the fact that the state makes pension contributions to SURS...
A union coalition opposed to pension reform is arguing that a plan advanced by Senate President John Cullerton would save $26 billion more in retiree health care coverage costs than a plan backed by House Speaker Michael Madigan. From the Associated Press: A study by the We Are One Illinois coalition shows that if half of...
Union officials backed the very pension "holidays" they blame for Illinois' pension crisis.
by Ben VanMetre The American Legislative Exchange Council, or ALEC, released its sixth annual Rich States, Poor Statespublication earlier this week. This report showed that Illinois maintained its near dead-last ranking – with the third-worst state economic outlook in the nation. This news is further confirmation that state lawmakers’ poor policy decisions continue to sap economic activity and...
For the last several years, gas prices have remained stubbornly high at $3 or more a gallon nationwide — and customers have felt the pinch. Though prices remain high throughout the nation, they’ve mostly held steady since last year. The national average price per gallon decreased by $0.02 from this time last year, and now...
Even with record revenues, Illinois is suffering
The problem Illinois has the worst-funded pension systems in the nation. The structure of Illinois’ current defined benefit system coupled with the political unwillingness to reform has left the state’s pension systems in danger of running completely dry. Even the head of the Illinois Teachers’ Retirement System, or TRS, Dick Ingram, said the fund may...
by Brian Costin Property tax bills are hitting mailboxes this week for residents across the state. The average homeowner in Illinois has an effective property tax rate of 1.93 percent; this is the second-highest property tax rate in the country. Homeowners in Lake County pay a median effective property tax rate of 2.46 percent, which ranks...
HB 3411 known as Cross-Nekritz – the latest iteration of Nekritz-Biss – paints over Illinois’ pension crisis with more of the same broken policies that have pushed government retirement systems to the edge of collapse. This bill: Perpetuates unstable, unpredictable and unmanageable defined benefit systems – The key driver of Illinois’ pension crisis is the state’s defined...
Some individuals would have you believe that Illinois has a “revenue problem” – that the state needs to increase taxes again because it doesn’t have enough money in its coffers. But don’t be fooled; Illinois’ revenue is at an all-time high. The Illinois comptroller reported that Illinois’ fiscal year 2012 revenue was $68.6 billion. Even...
Ben VanMetre Senior Budget and Tax Policy Analyst Proponents of higher taxes often argue that tax increases don’t influence how individuals behave. But recent revenue numbers in Illinois show that’s simply not the case. According to the Associated Press, Illinois’ income tax revenue for 2013 will exceed previous forecasts by $1.3 billion. But revenue isn’t higher...
by Ben VanMetre Illinois is notorious for not paying its bills on time. Thousands of businesses, contractors and nonprofits choose to do business with the state of Illinois each year, providing everything from charity work to medical services to office supplies. These organizations are the state’s vendors. The problem is Illinois doesn’t pay these vendors...