Budget + Tax

The truth comes out: new pension proposal includes making 2011 tax hike permanent

The truth comes out: new pension proposal includes making 2011 tax hike permanent

Illinois House Deputy Majority Leader Lou Lang, D-Skokie, wants to hike taxes to avoid meaningful pension reform. Lang’s solution is to keep income taxes up statewide as a “reform” for Illinois’ pension systems, which are underfunded by $209 billion. He introduced legislation Wednesday, Feb. 20, that would make the record 67 percent income tax hike...

By Benjamin VanMetre

Money grab: Progressive income tax

Money grab: Progressive income tax

Progressive Income Tax: Money grab disguised as tax reform The same forces that helped Quinn land the governorship in 2010 and raise income taxes in 2011 are laying the groundwork for a progressive tax initiative. They want to make the temporary 2011 tax hike permanent and tax certain individuals at ever-higher marginal rates. Proponents of...

By Benjamin VanMetre

Two of Illinois’ five pension systems lost money in 2012

Two of Illinois’ five pension systems lost money in 2012

Not a single one of the state’s five public pension systems earned more than 1 percent returns on their investments last year. In fact, two of the five funds actually lost money. Although pension trustees predicted Illinois’ five pension funds would earn more than $5.1 billion in fiscal year 2012, the funds actually earned less...

By Jonathan Ingram

Illinois has the 2nd-highest property taxes in nation

Illinois has the 2nd-highest property taxes in nation

Statistics show Illinois is a high-tax state. Ironically, advocates of tax hikes across the state often argue that Illinois is a low-tax state. The people have a right to know the truth about Illinois’ tax environment.

By Brian Costin

Lawmakers ‘borrow’ taxpayers’ charitable donations to fund government

Lawmakers ‘borrow’ taxpayers’ charitable donations to fund government

Mike Billy Illinois News Network Illinois taxpayers can use the state’s income tax form to donate to child abuse prevention, childhood cancer research and military family relief. But if you want to make sure your money actually gets to the charities, you might want to give them a check directly instead of using the state...

California’s fake reforms yield credit upgrade

California’s fake reforms yield credit upgrade

In January, Standard and Poor’s upgraded California’s credit rating to A from A-, an action the rating agency said resulted from the state’s “improved fiscal condition.”

Proponents of progressive tax say rates can be decided later

Proponents of progressive tax say rates can be decided later

State Rep. Naomi Jakobsson, D-Urbana, recently proposed to implement another income tax hike in Illinois is gaining interest across the state. A progressive income tax increases taxes on individuals more as they make more money.

Fitch warnings don’t mean kick the can down the road

Fitch warnings don’t mean kick the can down the road

Illinois’ credit rating received a warning today from Fitch Ratings. What Fitch cited as the “ongoing inability of the state to address its large and growing unfunded pension liability” means a rating downgrade is likely unless reforms are passed within six months. That warning is just another whack for a state that already has been downgraded...

Early warning system to thank for keeping 2011 tax increase from becoming permanent

Early warning system to thank for keeping 2011 tax increase from becoming permanent

During a lame duck session two years ago, the Illinois General Assembly passed a 67 percent income tax increase on all Illinois families. When the bill was filed in early 2011, almost no one knew of its existence. I was the House staffer on revenue at the time, and I only heard about it at 6...

By Matt Paprocki

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