by Ted Dabrowski Earlier this year, lawmakers raised income taxes by a record amount. The tax increases included a hike in the state’s corporate tax rate to 7 percent, up from 4.8 percent. When combined with the personal property replacement tax levied on businesses in Illinois, they now face a corporate tax rate of 9.5...
by Kristina Rasmussen From the sounds of it, House leaders are planning another go on the “tax relief” deal and break it up into two amendments. One for the business measures, and one for the personal measures. My dissatisfaction with Democrats’ previous attempts to offer tax relief to individuals and family is no secret (get my take from...
Introduction Rod Blagojevich’s tenure as governor of Illinois will have a lasting effect on the state’s reputation and fiscal condition. From January 2003 to January 2009, Blagojevich made headlines for his sensational comments, political feuds and backroom deals. After being arrested in December 2008 on charges of political corruption, the Legislature removed him from office...
A tax relief giveaway was approved by a House committee today. The bill lacks relief for the average Illinois family, however.
by Kristina Rasmussen I’m generally a fan of “performance budgeting” systems — they sure beat mindlessly growing last year’s budget without reference to goals or outcomes. When I’ve looked at good governance initiatives at the federal level, my two main criticisms have been that standards all too often 1) get set low; and 2) encourage more government, not...
by Kristina Rasmussen From the start of discussions over the “tax relief” package being discussed by the Illinois General Assembly, I’ve been concerned about the lack of apparent relief for the middle class. Of the various provisions in the bill (SB397), the one clear measure aimed at providing broad-based relief was supposed to be the personal exemption increase: Illinois...
by Emily Dietrich The debate over sales tax collection for remote retailers and traditional sellers continues to rage. As the Institute reported last month, the state law that forces remote sellers to remit taxes to the Illinois Department of Revenue on behalf of Illinois residents has cost many families in Illinois both jobs and income. Now, federal...
by Kristina Rasmussen I don’t smoke. Never have. But I still oppose tobacco tax hikes. Why? The related revenue is used to run up government spending. Yet smoking is decreasing, and so are revenues. Non-smokers could be on the hook for general tax increases to fill the gap. Cook County Board President Toni Preckwinkle turned this...
The problem Cook County is facing a budget shortfall. Cook County Board President Toni Preckwinkle has rightfully earned political goodwill for proposing serious changes to how county officials spend taxpayers’ money. She has challenged public employee union bosses to come to the negotiating table, and is utilizing private sector contractors to keep costs low. However,...
by Kristina Rasmussen Much to the dismay of families and businesses across the state, the Illinois General Assembly passed the largest tax hike in Illinois’ history earlier this year. People are hurting as a result. Income once earned for the household budget is now sent to government. The job market remains weak. Businesses understandably want relief....
by Kristina Rasmussen The Cook County Board of Commissioners is looking at a broad array of tax and fee hikes to make up for a budget shortfall, and significant increases for wine, beer, and liquor taxes are all on the menu. These tax hikes pose a direct threat to local bar and restaurant operators, many of...
by John Tillman There is only one way out of the worldwide debt crisis, but so far Illinois’ political leaders do not seem to understand what that path is. Here is what the solution is not: The solution is not increasing taxes. The General Assembly and Gov. Quinn did that in January by implementing a...
by Amanda Griffin-Johnson This time of year, children go door-to-door dressed in costumes to ask their neighbors for treats. Throughout the year, governments at the federal, state and local level provide services and programs that many look upon as treats. But considering the cost and inefficiency of some of these programs and services, are these...
by Emily Dietrich “If we repeal this law, these jobs will come back to Illinois,” said Brian Littleton, founder and CEO of ShareASale, at a press conference announcing the introduction of legislation to repeal Illinois’ affiliate nexus law, sometimes referred to as the “Amazon tax.” Wednesday’s press conference focused on the thousands of Illinois businesses...