Responsibility for Illinois’ sorry state of affairs falls at the feet of House Speaker Mike Madigan, Senate President John Cullerton and their combined 80 years in state government.
The array of six tax-hike proposals adds up to more than the state’s total projected general-fund spending in fiscal years 2016, 2017 and 2018 – combined.
by Jane McEnaney On June 27, the Illinois General Assembly’s conference committee on pension reform met for the first time in Chicago. All 10 members of the bipartisan, bicameral committee were present. The committee met for five straight hours, hearing testimony from: Ty Fahner, President, Civic Committee of The Commercial Club of Chicago Jerry Stermer, Acting Director...
Illinois lawmakers passed a 67% income tax hike in 2011. They said that the tax hike would be temporary, making a promise to taxpayers that it would sunset on Jan. 1st, 2015. But there have been absolutely no reform efforts to date that would reduce spending enough for lawmakers to keep their promise. And with...
Illinois state Rep. Lou Lang, D-Skokie, has proposed legislation to try to address the state’s pension crisis by permanently locking in the “temporary” 2011 67% income tax increase, raising employee contributions and stretching out state pension payments. “We have close to a $100 billion unfunded liability in our pension system,” Lang said. “This unfunded liability...
Illinois House Deputy Majority Leader Lou Lang, D-Skokie, wants to hike taxes to avoid meaningful pension reform. Lang’s solution is to keep income taxes up statewide as a “reform” for Illinois’ pension systems, which are underfunded by $209 billion. He introduced legislation Wednesday, Feb. 20, that would make the record 67 percent income tax hike...
Illinois’ unemployment fell to 8.7 percent in November from 8.8 percent in October, adding 16,400 new payroll jobs. Despite this small decrease in the unemployment rate, Illinois is still a full percentage point above the national unemployment average of 7.7 percent, and 1.6 percentage points higher than the average of its neighboring states. That fact –...
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.