Not only is it optional for states to establish an exchange, but states that defer to a federal exchange will also save upward of $100 million annually in exchange costs.
The Tax Foundation has reaffirmed Illinois’ status as a high-tax state in its newly released 2012 Annual State-Local Tax Burden Ranking. Based on the Census Bureau’s 2010 data, the report found that Illinois’ overall tax burden per resident is the 11th highest in the nation. Some highlights from the report include: At 10.2 percent, Illinois has...
Gov. Quinn is not getting great press these days. The Cato Institute recently ranked him the worst governor in the nation. His approval rating stands at just 26 percent. And while Gov. Quinn may choose to ignore those messages, he may want to heed the warnings the financial markets continue to fire his way. Credit agencies have...
Ever notice that going out to eat seems more expensive in Chicago than other cities? One of the reasons is that on top of the very high sales tax in Chicago, there are additional taxes on meals in restaurants: 0.25 percent Chicago restaurant tax and 1.0 percent Metropolitan Pier and Exposition Authority (MPEA) food and...
by Jonathan Ingram As we reported yesterday, ObamaCare is going to bust Illinois’ budget and hurt the most vulnerable among us. But did you know it’s also going to drastically raise the costs of hiring new workers? ObamaCare requires most employer-sponsored insurance coverage to provide a minimum level of benefits, which ultimately drives the cost of labor...
by Emily Dietrich Is the national economy really at fault for Illinois’ poor jobs market? The Illinois Department of Employment Security (IDES) released the September numbers on Illinois’ jobs market yesterday. The report was titled: “National Slowdown Impacts Illinois’ Economy.” This report comes on the heels of their August report, titled: “Stagnant National Growth Squeezes Illinois Labor Market.”...
For most Illinois families, the price of the January 2011 state income tax hike is an additional week’s wages lost to state coffers. But for some, the cost has been much higher as jobs disappear altogether. Between January and June 2011, 56,223 fewer Illinoisans were employed* – a performance worse than any other neighboring state....
by Mark Cavers Bloomberg Business Week reports that legislators in Missouri are moving to reject some federal money to fund work that would speed up rail travel between St. Louis and Kansas City. The mounting concerns over future costs to Missourians echo similar concerns in a host of other states that have rejected federal money. Over...
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.