Retirement tax could be next if ‘fair tax’ passes, Moody’s says

By Adam Schuster

10/22/2020

The credit rating agency also said Illinois will soon pass the point of no return on public pension debt. It warned against schemes to stretch or delay pension payments.

TAGS: credit rating, fair tax, pensions, retirement tax

Star of misleading ‘fair tax’ ad set to draw $1.1M in pension payments for 1 year of state work

By Brad Weisenstein

10/19/2020

‘Fair tax’ backers funded by Gov. J.B. Pritzker created the illusion of bipartisanship by using a former public employee union staffer who collects a generous taxpayer-funded pension due to a loophole in state law.

TAGS: AFSCME: American Federation of State County and Municipal Employees, pensions, progressive tax, Vote Yes for Fairness

Report: Illinois fiscal health again 2nd worst in U.S.

By Ben Szalinski

09/22/2020

Each Illinois taxpayers owes $52,000, thanks to politicians spending more than they already take in. On Nov. 3 taxpayers will be asked for even more.

TAGS: debt, economy, JB Pritzker, pensions

What Illinoisans need to know about the progressive income tax

By Orphe Divounguy, Bryce Hill

08/27/2020

Gov. J.B. Pritzker calls his $3.7 billion income tax hike a “fair tax.” But opponents have criticized the constitutional amendment as a blank check for House Speaker Mike Madigan and other state lawmakers, courtesy of Illinois taxpayers.

TAGS: fair tax, graduated income tax, Illinois Constitution, income tax, JB Pritzker, municipal pensions, pension guarantee, pensions, progressive income tax, property taxes, taxes

Joliet considering citywide salary cuts to ease budget strains

By Ben Szalinski

06/25/2020

The city has suffered significant revenue losses as a result of COVID-19 restrictions. Pensions will further damage city services even as the pandemic fades.

TAGS: budget, Joliet, pensions

Illinois treasurer says ‘fair tax’ makes retirement tax more likely

By Ben Szalinski, Adam Schuster

06/24/2020

Illinois Treasurer Michael Frerichs said a progressive state income tax will open the door to taxing retirement income.

TAGS: pensions, progressive income tax, retirement tax

62 former state lawmakers receiving more than $100K pensions

By Ben Szalinski

06/05/2020

Illinois’ broken pension system puts $100,000 a year or more into the hands of 62 former state lawmakers. It has paid more than $1 million to 94 of them.

TAGS: Arthur L. Berman, Barbara Flynn Currie, GARS: General Assembly Retirement System, Jim Edgar, lawmaker pay, Lou Lang, Pat Quinn, pensions

Illinois lawmakers offer voters a tax hike, let deadline pass for constitutional reforms

By Ben Szalinski

05/05/2020

Only Gov. J.B. Pritzker’s progressive income tax amendment will appear on the ballot in November. Voters were denied a chance to make critical reforms to state government.

TAGS: balanced budget requirement, debt, fair maps, pensions, progressive income tax, spending cap, term limits

Chicago needs a ‘wartime budget’ to face the COVID-19 crisis

By Adam Schuster, Ben Szalinski

04/28/2020

City leaders must prioritize critical spending – and avoid hiking taxes on a struggling economy.

TAGS: Chicago, coronavirus, COVID-19, credit rating, emergency, Lori Lightfoot, pensions

Why Congress should reject Illinois’ $44 billion bailout request

By Adam Schuster

04/23/2020

Two decades of fiscal mismanagement have left state finances ill-prepared for the COVID-19 pandemic. Congress should condition any additional aid for troubled states on taxpayer protections that ensure pensions are solvent, accounting is realistic and budgets are balanced.

TAGS: bailout, budget, coronavirus, COVID-19, debt, Don Harmon, JB Pritzker, pensions, U.S. Congress