America’s War on Poverty has been an abject failure. Nearly $12 trillion and 60 years later, official poverty rates remain basically unchanged. While the nation waged a well-intentioned assault on poverty, it inadvertently launched a far more sinister war: on dignity. While attempting to eradicate poverty, America created countless government welfare programs. In doing so,...View Report
In a letter to the president, Gov. J.B. Pritzker joined other Democratic governors to urge the removal of the State and Local Tax deduction cap. The move would primarily benefit the wealthy, including Pritzker.
Political promises aren’t much protection for middle class pocketbooks.
New IRS rules make clear that lowering the actual tax burden, not complicated workarounds, is the correct way to respond to tighter federal restrictions on SALT deductions.
House Bill 4237 seeks to get around Congress’ limitation of a federal deduction that benefits high-tax states, but residents would be better served by efforts to directly reduce state and local taxes in Illinois.
One change in federal tax code – and Illinois lawmakers’ response to it – could decide the economic trajectory of the state.