In May of 2010, the Illinois House of Representatives voted down the 2010 voucher bill. My hopes had been high for this bill, because I knew what school choice would mean for Illinois families. Vouchers mean freedom from failing schools; the possibility of students and families choosing their own path instead of being stuck with...
Remember when the state of Illinois said its new $1 cigarette tax would bring in $350 million in additional revenue? Unless this tax garners an additional $138 million in the next 10 days, these lofty projections are about to crash and burn. The cigarette tax hike, which took effect a year ago this month, is...
If taxpayers don’t file their tax returns by April 15 each year they could face stiff penalties from state and federal government. But what about when government fails to file its financial report to the taxpayers on a timely basis? According to the Government Accounting Standards Board, or GASB, government agencies should release their financial...
by Brian Costin The Illinois Policy Institute has long been a supporter of strengthening the Open Meetings Act, or OMA, and Freedom Information Act, or FOIA. Unfortunately, OMA and FOIA often come under attack by the Illinois General Assembly. The most recent assault is in the concealed carry bill that recently passed the House and Senate, and awaits Gov....
A six-point pension plan created by the Institute of Government and Public Affairs, or IGPA, fails to solve Illinois’ pension problem. That’s because the plan, Senate Bill 2591, maintains the state’s unmanageable defined benefit plan for current employees. It requires all new employees to participate in a hybrid defined benefit and defined contribution pension plan, and...
by Andrew Wyatt In April 1917, Ella Fitzgerald was born, the United States joined World War I and the first board meeting of the newly organized village of Mount Prospect was held at William Wille’s Hall. And if you wanted to, you could pull up the minutes from this inaugural meeting online. That’s because the...
State lawmakers were in Springfield yesterday for a special session ordered by Gov. Pat Quinn. As expected, the General Assembly did not take formal votes on any pension reform legislation. Instead, Quinn called for the formation of a conference committee, with the intention of resolving the differences between the House and Senate on pension reform. As a means of breaking up...
by Paul Schumacher The Illinois Department of Employment Security, or IDES, announced today that the Illinois unemployment rate declined to 9.1 percent in May from 9.3 percent in April. Illinois’ unemployment rate is still one and a half percentage points above the national average, which rose to 7.6 percent in May. Source: Illinois Department of Employment Security There...
Tucked in during the Illinois General Assembly’s special session to discuss the state’s pension crisis was a proposal to give a corporate giant a special tax break. According to the State Journal-Register, OfficeMax Inc. is asking the state of Illinois for tax breaks to keep the company’s headquarters in-state after the office supply chain’s merger with...
by Paul Kersey Possible gubernatorial candidate Bill Daley said something interesting at his “pension plan” news conference Monday morning. It just wasn’t really what he wanted to emphasize. Though he summoned the media for the occasion, the former White House Chief of Staff had little to say about why pensions in Illinois are in the...
Chicago Public Schools pension payment will increase by roughly $400 million due to the expiration of a temporary “pension holiday.” Local lawmakers knew this was coming but did nothing to prepare for the increased payment. The good news is there is a simple, responsible way to cut more than 30 percent of the increased pension...
In early June, Gov. Pat Quinn called lawmakers to return to Springfield on June 19 for a one-day special session on pension reform. This came in the wake of yet another downgrade of Illinois’ credit as a result of inaction on pension reform when the legislative session adjourned on May 31. Our most recent knocks from Moody’s Investors Service and Fitch Ratings mark Illinois’ 12th...
by Daniel Anthony Each quarter the Illinois Policy Institute produces Compass, a quarterly publication filled with original writing on topics that will help make Illinois first in economic outlook and job creation. Compass also promotes personal freedom and prosperity in Illinois and America. This issue of Compass focuses on the power of school choice. Many...
It’s taken as fact that Illinois’ five state-run pension systems have a $100 billion funding shortfall. That’s what the official reports say. But all that’s about to change. Moody’s Investors Service is making good on its promise to evaluate state pension plans on more realistic assumptions. The rating agency has long critiqued the pension funds’...