by Kate Piercy Here’s an eye-opening breakdown of how possible tax increases coming next year could affect everyone, not only “the rich.” Some potential wallops include: As many as 30 million middle-class Americans could get hit with the AMT (Alternative Minimum Tax) next year. A school teacher married to a bus driver, with a combined income $120,000 and...
by Amanda Griffin-Johnson The timing of Cook County property tax bills this fall has entered the political realm. Last year, the bills were sent just before November. This year, they’re going out well after the election. Could there be political reasons for the later date? The Chicago Tribune reports: Cook County property tax bills won’t be out...
by Amanda Griffin-Johnson Earlier this week, Chicago’s Inspector General (IGO) released the second annual “Budget Options” report featuring 63 options for the city to cut costs or raise revenues. While the ideas range from low-hanging fruit to political non-starters, the report highlights the severity of the fiscal difficulties the city is facing with personnel costs and...
by Ashley Muchow Our current administration has another plan to bring jobs back the U.S. Though the end goal is merited, the plan of action is grounded in poor economic reasoning. President Obama claimed last week that “for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to...
The Problem $3 billion, $5 billion, $10 billion—the talk surrounding impending federal and state tax hikes is downright scary these days. Governor Pat Quinn proposes a 33 percent increase in the state’s individual income tax rate, equal to raising the burden on Illinois taxpayers by a total of $2.8 billion. David Vaught, Governor Quinn’s budget...
by Wesley Fox In the last few years, the federal government and many state governments have used a similar approach to dealing with the economic downturn: higher taxes and more government spending. Governor Quinn’s proposed tax hikes and his $31 billion Illinois Jobs Now capital spending program are a perfect example. Meanwhile, Chicago Park District...
by Ashley Muchow If you missed the Auditor General’s release last week, you’ll be surprised to see the findings are far from negligible. Based on all the grading standards I accepted as a student, it’s fair to say most teachers would have failed the Governor’s Office of Management and Budget on their most recent state audit. The...
by Ashley Muchow Ah, finally. The payment the state owed me finally showed up at my doorstep. But, wait. What is this? 3 cents! That’s it? No joke. Our state government has been sending out interest payments via check for overdue vendor remittances that, in some cases, amount to less than the postage it takes...
by Kate Piercy In the chart below, Mercatus Center Research Fellow Matt Mitchell compares the actual decline in states’ spending from 2009 to 2010 (in blue) and the sustained cuts in state and local spending necessary to close the gap between spending and revenues over the next 50 years, known as the 50-year fiscal gap (in...
by Kristina Rasmussen A report from the nonpartisan Tax Foundation found that the sunset of the Bush tax cuts at the end of 2010 would cost the average middle-income Illinois family earning $68,958 some $1,640 in higher taxes in 2011. Check out our handy table to see how much your family could pay in higher federal and/or state...
by Kristina Rasmussen A round up of local Illinois measures on the ballot this November 2 by Ballotpedia.org shows that local governments across the state are trying to hike taxes and borrow more money. Some examples, with individual summaries from Ballotpedia.org: Sangamon County sales tax hike. The tax would add one percent to the current sales tax rate in...
by Amanda Griffin-Johnson Desmond Lachman of the American Enterprise Institute (AEI) had an interesting article recently in AEI’s journal, The American. The article, titled “The Emerging Markets’ Century,” details how emerging economies may have a growing impact in the global market because of their comparatively strong public finances when compared to industrialized counties. He explains, “Whereas public debt levels in...
by Kate Piercy DuPage County Board Chairman Bob Schillerstrom has unveiled a $70 million capital plan with bond projects ranging from improvements to roads and campus grounds, creating bike trails and planting trees. The 30-year plan will cost taxpayers nearly $125 million. Although the projects may sound nice, is this fiscally responsible or fair to...
by Kristina Rasmussen Not one to stop good money from going after bad, President Obama announced plans for a new stimulus spending spree, this time to the tune of $50 billion for roads, rail boondoggles, and the like. I don’t think the American people will buy into it. Over the past year, chances are you’ve driven by more than...