The structure of a limited liability company, or LLC, offers great advantages for small businesses, such as allowing start-ups and small businesses to avoid the extra tax burdens of corporations. At the same time, the LLC structure protects the owners from the excessive liability of sole proprietorships and partnerships. In Illinois, the LLC is burdened...
JOBS AND GROWTH Illinois has the third-highest unemployment rate in the nation More than 1 million Illinoisans are unemployed or underemployed Illinois is projected to be dead last in jobs growth in 2014 78,713 Illinoisans have given up and left the workforce since Dec. 2012 Illinois paid out $266M in improper unemployment insurance payments Illinois...
While we can expect President Barack Obama to claim success for his signature legislation, commonly referred to as ObamaCare, a growing share of Americans understand the reality of the health-care overhaul. According to a recent Reason/Rupe poll, the majority of Americans would like to return to the pre-ObamaCare health care system, despite all of its...
The state ended 2013 – a year of dismal employment – with an even worse December. Illinois moved from having the fourth-worst unemployment rate in November to the third-worst in December, falling behind Michigan. Only Nevada and Rhode Island remain worse. The unemployment rate in Illinois fell to 8.6 percent from 8.7 percent, while the...
It’s never too late to help a struggling student. An amazing new study conducted by the University of Chicago’s Urban Education Lab shows that intense tutoring combined with group behavioral counseling can help high school students with weak math skills, chronic truancy and disciplinary problems improve their performance. The study showed impressive gains. In fact,...
Not unlike ObamaCare, a bill Congress had to pass “to find out what’s in it,” Illinois’ General Assembly passed a pension fix in December 2013 without an official scoring of the bill. During floor debates, House Leader Mike Madigan and proponents of Senate Bill 1 promised $160 billion in savings over 30 years. Many opponents...
The Affordable Care Act, or ACA, commonly known as ObamaCare, is a train wreck. For many, since ObamaCare was enacted the cost of coverage has dramatically increased and will continue to do so. People aren’t enrolling in ObamaCare at the rate the Obama administration predicted – by a long shot. And many are finding out...
This Wednesday, Gov. Pat Quinn will take the pulpit in front of the Illinois General Assembly and give his annual State of the State address. The speech, which is given annually by the standing governor, is an opportunity for the governor to give his view on the condition of the state, and how they envision...
With Illinois taxpayers just one year away from the income-tax rate sunset, the push from tax hungry politicians to raise rates again is growing. State politicians are using scare tactics to dupe Illinoisans into paying higher taxes. Their goal is to make the temporary 2011 income tax hike permanent, or worse: increase taxes again with...
Unions are often presented as the plucky defenders of the working man or woman, whose only interest is seeing that workers get a fair shake on the job. But in reality unions are well financed and powerful. And in government, at least, union influence goes beyond the job to include how government itself operates. Government...
Illinois has the worst pension crisis in the nation. If real reforms aren’t enacted, retirees will see their pensions slashed, taxpayers will be forced into a massive bailout and younger state workers might not receive a pension at all. The recent pension reform bill that passed is actually a step backward for the state. Only...
Last week, the U.S. Bureau of Labor Statistics released its latest report on union membership in the United States, which covers 2013. The results showed that unions failed to gain members – a fact that will likely prove disappointing for union officials, who might have hoped to regain lost membership under a very pro-union president....
Why do moving companies love Illinois politicians? Because they keep a heavy traffic flow moving out of Illinois. At the end of each year, moving companies release annual migration trends data based upon a compilation of customers who move in and out of different states. United Van Lines is the largest mover in the country,...
Top 10 facts about the proposed progressive tax hike The beginning of 2014 marked an important milestone for Illinois taxpayers: we are just one year away from tax relief. Illinois taxpayers currently fork over 5 percent of their paycheck to the state. The good news is Illinois’ income tax rate is slated to drop to...