by Kristina Rasmussen “Oregon Raises Taxes, But Budget Situation Worsens.” There’s a lesson here for tax hikers in Illinois. Amber Gunn has the story in the August edition of Budget & Tax News: Oregon voters in January approved significant personal and corporate income tax hikes. The predicted increases in revenue have failed to materialize, however, and now the state...
by Will Compernolle The State of Illinois spent $6,795 on the “printing of pens” in fiscal year 2009 by Global Printing and Graphics. Between fiscal years 2008 and 2009, the State spent $9,294 on products and services from Global Printing and Graphics, including printing letterhead and printing of business cards. As we have blogged about before, the...
by Kate Piercy Despite Illinois’s dire pension system, which includes police, fire and public-sector employees, boosting public employee salaries shortly before retirement in order to put them on a path to a bigger and better retirement package has turned into common practice among government in Illinois. Illinois has the most underfunded pension system in the nation,...
by Brian Costin On Wednesday, the State of Illinois resorted to more borrowing and sold $900 Million in Build America Bonds to support public works projects. Unfortunately, due to Illinois rapidly deteriorating credit rating taxpayers are paying a premium. On face, the bonds will pay investors an average interest rate of 6.96 percent. Bad enough but...
Illinois is facing a budget crisis. The state’s revenue collections are low, and dropping. Yet we’ve continued to spend more than we’ve taken in from taxes – in 2006, in 2007, in 2008, in 2009, in 2010, and yes, in 2011. Some of the revenue shortfall can be blamed on falling collections due to a...
by Amanda Griffin-Johnson The U.S. Department of Transportation estimates that the states have spent a total of around $5 million of stimulus funds on signs “touting ‘The American Reinvestment and Recovery Act’ and reminding passers-by that the program is ‘Putting America Back to Work.’” ABC News reports that “the state of Illinois has spent $650,000 on about 950...
by Joe O’Malley Contrary to the free-market principle that businesses which make reckless decisions should fail, Chicago Democrats are now petitioning Treasury Secretary Timothy Geithner to bail out a local community bank. Its name is ShoreBank. According to the New York Times, ShoreBank made business decisions that were very poor: “An ill-timed, overly aggressive expansion at the...
by Kristina Rasmussen Talk of a soda tax is bubbling up again: CHICAGO (CBS) ― Feel like you’re taxed enough already? More could be coming. There’s an early push to explore taxing soft drinks that are sweetened with sugars – all to get you to stop buying them. CBS 2’s Kristyn Hartman reports it’s all about...
The Problem Illinois’s state budget is billions of dollars in the hole, but that didn’t stop Illinois government from handing out pay increases to 46,000 state workers on July 1, 2010. Indeed, Governor Pat Quinn has handed out 43 raises (averaging 11.4 percent to his staff) since he took the oath of office. All areas of government...
by Will Compernolle The Sun-Times reports that more than 10% of Metra employees last year made at least $20,000 in overtime pay. Total overtime pay in 2009 reached nearly $20 million. Metra says that, while it’s hardly ideal to spend so much on overtime pay, there’s not much it can do about a lot of it. Accidents, bad...
by Amanda Griffin-Johnson A recent Rasmussen survey reveals that “most Americans report their state currently has a budget crisis, and they continue to blame politicians more than taxpayers for the problem.” How did the numbers break down? The article continues: The latest Rasmussen Reports national telephone survey of Adults shows 75% say the unwillingness of politicians to reduce...
by Kate Piercy New Jersey Governor Chrisitie’s administration has put out a 57-page report identifying areas where government services could be privatized in order to save tax dollars — 210 million dollars a year, to be exact. According to a report from NorthJersey.com: State parks, psychiatric hospitals and even turnpike toll booths could also be run...
by Ashley Muchow For Illinois, 2010 was a record breaking era. Our state managed to shatter three tremendous records for this past fiscal year. Adjusted year-end General Revenue Fund balance was a negative $4.69 billion, a record. The backlog of unpaid bills at fiscal year end was $4.7 billion, a record. It now takes the comptroller’s office 153 working...
by Amanda Griffin-Johnson According to a Bloomberg News article, Thomas Wilson, CEO of Illinois-based Allstate Corporation, recently “called for political leaders to cut costs.” Wilson is quoted as saying “Government borrowing is way out of control. We need to get our house in order.” Bloomberg reports: The middle class is “going to bear the brunt of the...