Category Archives: Taxes

Chicago Civic Committee: Illinois Pension Can’t Be Fixed

Yesterday we posted that Gov. Pat Quinn’s office now says the state’s pension liability is $95 billion. One group that has been advocating long and hard for pension reform now says the system can’t be fixed. Civic Committee of the Commercial Club of Chicago has a four-point plan: eliminate all cost of living increases, impose a salary cap at which pensions are calculated, raise the retirement age to 67 and shift all pension costs to local bodies (translation: school districts) over 12 years.

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Disability Pays… Unless the Sun Times Catches You

Convicted of a felony, a Chicago firefighter filed an injury claim that blocked his firing and now pays him  $38,619 a year in tax-free disability pay. The title of the Chicago Sun-Times series in which this was revealed says it all: “Disability Pays.” For some public employees, disability claims have become sources of easy, long-term pay as they move on to new careers. And taxpayers foot the bill.

 
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Illinois is marching to the edge of its own financial cliff

Illinois is marching to the edge of its own financial cliff by failing to control its ever-growing pension costs, says the leader of the Illinois Chamber of Commerce. When the market collapsed in 2008, so did the bottom lines of the state’s pensions. “While the nation went through the worst recession in modern history, Illinois’ public pension funds still were projecting healthy returns with their heads firmly in the sand,” writes Doug Whitley. http://bit.ly/STkLId
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Trib to Dems: “Don’t You Dare”

The Chicago Tribune editorial board has heard “scuttlebutt” that Democrats in the Illinois Legislature may try to make the temporary income tax increase permanent during the lame duck session in January. Most of the increase is scheduled to expire in 2015 — just after the next governor is elected. The Trib’s message: “Don’t you dare.”
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Illinois Did Not Make The Top 25 List of Best Business Climates

Three main issues dominate congressional races in Illinois: jobs, jobs and jobs. Whether you’re a job-seeker or a business owner, this should come as no surprise. The state last week didn’t even make the Top 25 of a corporate journal’s list of the nation’s best business climates. All Illinois’ neighboring states except Missouri made the cut — as did fellow Midwest states Michigan and Ohio (rated second best in the nation).

With IL Budgets Alreayd Slashed, So Happens When Tax Hike Expires?

Think things are tight now in the state budget, which this year saw slashed $300 million from education so the state could pay down bills and make the required payment to its pension systems? Imagine what it will be like when the current tax hike expires and the state must make do with a reduction of around $7 billion in tax revenue. Or should we say “if” the tax increase expires as scheduled?

Does Toni Feel Lucky? Well Does She, Punk?

In Scott Stantis’ editorial, Cook County President Toni Preckwinkle has backed off her plan for an ammo tax.
http://trib.in/T6WPFb

 

Radogno Weight in on Illinois Pension Debate

Illinois Senate Republican Leader Christine Radogno shows no sign of backing down in her opposition to the biggest hurdle in the pension reform debate. Shifting pension costs from the state to local school district remains a non-starter, she says.

Reeder: County Sales Tax = Pregnant Rodents

“New taxes are a bit like pregnant mice – leave the door open a crack and soon they start multiplying,”

…Writes Illinois Statehouse reporter Scott Reeder of the Illinois Policy Institute. Reeder says an effort to raise county sales taxes for school construction is a pregnant rodent at your door.

Illinois’ Tax Revenues

In FY 2010, total state taxes in the U.S. were 93 percent of the amount in FY 2007, but Illinois’ tax revenues had fallen to 85 percent of the FY 2007 amount. (State Budget Crisis Task Force Illinois Report)

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