You’re a small business owner planning out your budget for the next five years. You expect explosive growth and a lot of hiring. But your financial future is uncertain, so you factor business risks and uncertainties into your plan. At least you can count on your state government for stability and a clear tax structure...
One-quarter of the revenue generated by Madigan's surcharge comes directly from small businesses.
Taxi-industry lobbyists have been working hard to get Chicago to hobble or ban popular ridesharing services such as UberX and Lyft, but they haven’t gotten very far. The problem: these services are just too popular. Aldermen have been overwhelmed with calls and emails from Chicagoans asking them to leave ridesharing alone. So now the taxi...
When House Speaker Michael Madigan pitched his Illinois pension bill late last year, he got pushback for promoting legislation that hadn’t been officially scored by an independent actuary. That pushback was fair game. Illinois has the nation’s worst-funded pensions and an unfunded liability of $101.5 billion. With the number of failed pension fixes this state...
JOB CREATION: Since 2010, Illinois has recovered only 215,800 jobs, which is 42,000 fewer than Gov. Pat Quinn’s claim of 257,400. More importantly, Illinois is the only state in the Midwest that had fewer payroll jobs in January 2014 than it did when Quinn took office in January 2009. UNEMPLOYMENT: Illinois has the second-highest unemployment...
In January 2011, Illinois politicians pushed through a record income tax increase that raised the income tax rate on individuals to 5 percent from 3 percent, and on corporations to 7 percent from 4.8 percent. After passing the record tax hike, Gov. Quinn went on record saying: “We have some temporary tax increases [falsehood number...
House Speaker Mike Madigan has proposed an extra tax on million-dollar incomes. His proposed legislation, HJRCA51, would amend the Illinois Constitution to impose an additional tax of 3 percent on income over $1 million. This tax won’t touch any millionaires who don’t want to pay it. They’ll simply leave, and they are well-equipped to do so. The middle...
In February, Chicago Mayor Rahm Emanuel’s office proposed an ordinance that would force popular ridesharing services such as Uber and Lyft to severely change the way they do business, if not shut down entirely. We pointed out some of the proposal’s many serious problems, and Chicago aldermen reported thousands of people emailing them asking them...
Illinois House Speaker Michael Madigan is calling for another big tax hike – one that conveniently funnels hundreds of millions of dollars each year to his home district of Chicago. He and his legislative colleagues will have collected more than $31 billion in new tax revenues by the time the temporary tax hike sunsets in...
Madigan’s new tax proposal — which levies a 3 percent surcharge on income over $1 million to provide funding to schools — is packaged as an easy political sell. Who can argue with a pitch that cries: “More money for children!” But it’s not so simple. A look at the data about education spending and...
Illinois is in a jobs crisis, now claiming the second-highest jobless rate nationally and the highest jobless rate in the Midwest. Gov. Pat Quinn and his allies are now on the move to make the problem worse for young people and minorities. Quinn should have learned from his own dismal record. Since Quinn took office,...
Chicago and state politicians have ignored the city’s growing pension crisis for nearly two decades. But with the recent onslaught of credit downgrades, billion-dollar budget deficits and comparisons to Detroit, the city’s problem has become impossible to ignore. Chicago’s slide toward bankruptcy now threatens the city’s status as an economic powerhouse, as well as the...
Incumbent politicians hate to be criticized, and in Illinois some of them have decided to do something about it – not by correcting the behavior for which people criticize them, but by trying to repeal the First Amendment. That may sound outrageous, but it’s true. On Thursday, the Illinois Senate’s Executive Committee passed a resolution...
When House Speaker Michael Madigan issued a press release about his new tax proposal yesterday – which levies a 3 percent surcharge on income over $1 million, which Madigan said will provide funding for schools – he highlighted the struggles of districts across the state to balance their books. Unfortunately, he neglected to mention these...