Budget + Tax Archives - Page 9 of 274

The $53 million boogeyman: Illinois’ financial woes due to decades of mismanagement, not 7 months of gridlock

Illinois paid $53 million more to borrow money through its Jan. 14 bond sale than it would have paid had politicians not let the state’s debt and government-worker pension obligations spiral out of control, while driving out taxpaying residents and businesses through tax hikes and costly regulations.

By Mark Adams

Bankruptcy talk hits Chicago: Illinois governor proposes bankruptcy for Chicago Public Schools

Gov. Bruce Rauner and Republican state lawmakers have proposed bankruptcy for Chicago Public Schools; Mayor Rahm Emanuel has rejected the idea of bankruptcy, repeating his demand that Illinois taxpayers bail out the struggling school district.

2011 income-tax hike turned Illinois into a top 5 state for total tax burden, new study shows

Illinoisans handed over a larger portion of their earnings to state and local governments than did taxpayers in 45 lower-tax states in fiscal year 2012, according to a new Tax Foundation study.

By Michael Lucci

Illinois paid $1.6M to state workers whose workplaces are closed

A pending lawsuit by the American Federation of State, County and Municipal Employees, among other unions, is keeping dozens of workers on state payrolls – even though their workplaces have been shuttered for months.

By Austin Berg

Illinois taxpayers will pay steep penalty rate in $500M bond issuance

Illinois has the lowest credit rating among the 50 states, forcing taxpayers to pay hundreds of millions of dollars more in borrowing costs than residents of states in better fiscal condition.

By Ted Dabrowski

Illinois’ budget from the inside: A conversation with State Budget Director Tim Nuding

Donna Arduin is an Illinois Policy Institute senior fellow and a partner at Arduin, Laffer & Moore Econometrics, a group that advises federal, state and municipal leaders, as well as political candidates and private-sector clients, on economic, fiscal and state policies.

By Donna Arduin

Illinois to issue $500M in bonds, continues to pay highest borrowing rate of all 50 states

Illinois’ monthslong budget gridlock, $111 billion in government-worker pension debt, and more than a decade of unbalanced budgets have resulted in credit downgrades for Illinois and the highest borrowing costs of any state in the nation.

By Ted Dabrowski

Chicagoans the most-taxed residents in Illinois, paying more than 30 city taxes

Not only are city officials making Chicagoans pay more for services that aren't working, they are making them shoulder the highest tax burden in the state.

By Ted Dabrowski

Fewer Illinoisans renewing vehicle registration in absence of mailed reminder notices

Budget gridlock in Springfield caused the Illinois secretary of state’s office to suspend mailing vehicle-registration renewal reminders.

By Amy Korte

Illinois taxpayers’ refunds delayed until after March 1

Due to new identity-theft- and fraud-prevention measures, some Illinois taxpayers will not receive tax refunds until after March 1.

By Amy Korte

Landmark state report lights path toward lowering Illinois property taxes

Absurdly high property taxes demand bold reforms from Illinois lawmakers. New recommendations from a state task force show exactly what kind.

By Austin Berg

Chicago PMI crashes, new orders and backlogs plunge to May 2009 level

The December Chicago purchasing managers’ index revealed weaknesses in the regional economy, including in the service sector.

Chicago’s sales tax now highest in the nation

The sales-tax hike Cook County officials approved in July takes effect Jan. 1, 2016, just in time for end-of-season holiday shopping deals.

By Hilary Gowins

New Cook County hotel tax will make visiting Chicago even pricier

Cook County’s new 1 percent hotel tax will raise Chicago’s combined hotel tax to 17.4 percent in 2016.

By Amy Korte