Tag 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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Unfunded Pension Liability up to $95B from $83B

Breaking news!
The governor’s office has updated its pension numbers over the past week. With the state’s largest retirement system expecting to earn less on its investments, the state’s unfunded pension liability now stands at $95 billion. That’s up from the previous figure of $83 billion. And it will only grow without significant reform to the current pension system.

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SJR: With Supermajorities Comes Super Responsibilities

With supermajorities in the state House and Senate, Illinois Democrats now have super responsibilities, says Springfield’s State Journal-Register. They may have won the exclusive right to make some of the toughest decisions in state history — like reforming the pension system and figuring out how to pay $8 billion in unpaid bills on a $33 billion budget. And Dems alone may live with the consequences. “(I)f the GOP decides to sit out, the Democrats have earned the right and responsibility to make those decisions on their own, and whatever happens now will be on them.”

 

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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

 

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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