Today U.S. Bankruptcy Court Judge Steven Rhodes ruled that “nothing distinguishes pension debt from any other debt” – and that Detroit’s pension debt can therefore be partially discharged in bankruptcy. What does that mean for Illinois, where huge unfunded pension liabilities threaten to render the state government and many local governments insolvent? If the courts...

According to Bloomberg, at least nine states are currently pitching tax cuts. In addition to the proposed $500 million tax cut by a Gov. Rick Scott in Florida, the tax cut efforts include: Republican governors Scott Walker of Wisconsin, John Kasich of Ohio, Paul LePage of Maine, Terry Branstad of Iowa, Sam Brownback of Kansas...

Progressive Income Tax: Money grab disguised as tax reform The same forces that helped Quinn land the governorship in 2010 and raise income taxes in 2011 are laying the groundwork for a progressive tax initiative. They want to make the temporary 2011 tax hike permanent and tax certain individuals at ever-higher marginal rates. Proponents of...

Mike Billy Illinois News Network Illinois taxpayers can use the state’s income tax form to donate to child abuse prevention, childhood cancer research and military family relief. But if you want to make sure your money actually gets to the charities, you might want to give them a check directly instead of using the state...

State law doesn’t allow for the lawmaker, who entered the upper chamber in 2008, to drop out of the system.