Posts in category "Taxes"

The next big Illinois tax increase is waiting in the wings

After the big Illinois income tax increase engineered by House Speaker Mike Madigan, the question that immediately follows is: When will they be back for another tax increase? Because everyone, I mean everyone except the most partisan among us, knows that the 32 percent tax increase won’t be anywhere near enough to solve Illinois budget crisis. The... Read more »

The hands of an astonishing 7,000 local Illinois governments are in your pocket

Wondering why your property taxes are so high and so impervious to any concept of rational spending? Blame the 7,000 units of local governments in Illinois, far and away the most of any state. Many of those local governments–especially townships and school districts–are duplicative, inefficient and just plain useless. The useful jobs that they do can... Read more »

It's time to tax Illinois retirement income

Here’s one reform that could ease Illinois’ fiscal troubles: Tax retirement income. Illinois exempts from taxation all retirement income, including Social Security, an astonishing fact, considering the state’s ruinous fiscal health. Only two other states, Mississippi and Pennsylvania, are as blindly generous. Most other states tax a portion or all of retirement income, including public... Read more »
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Obama wants to cap contributions to tax-deferred retirement plans

Some Americans might be thrilled by President Barack Obama’s latest plan to take more revenge on the wealthy, because they’re…well…wealthy. As CNBC reported: President Barack Obama’s 2016 fiscal year budget includes a proposal to cap contributions to tax-preferred retirement plans like 401(k)s and IRAs. Those plans would be capped at $3.5 million, which we’re told... Read more »

Top Illinois Democrat goes blind; says state's huge pension debt not a 'crisis'

UPDATED: Illinois Senate President John Cullerton said Sunday that the state’s massive public employee pension debt is not a “crisis,” but instead an issue being pushed by business-backed groups seeking lower income taxes at the expense of retiree benefits. — Chicago Tribune That’s the $100 billion owed by us taxpayers to the government employee pension funds. In... Read more »

Religious and pro-life groups also harassed by IRS

The popular impression is that President Barack Obama’s Internal Revenue Service harassed only tea party and patriot-like groups seeking tax-exempt status. If it were only so. Allegations of IRS harassment of pro-life and religious groups reach as far back as Obama’s early administration and extend beyond the agency’s Cincinnati office, which is the focus of... Read more »
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Estimates of revenue from legalized pot sales could go up in smoke

Reminds me of all the promises made about how the Illinois lottery would be a big help for state schools. Ha, ha.

Obama genuflects before Big Business

His fiscal cliff deal contains big corporate tax breaks It was his chance to get rid of off-shore tax advantages and other corporate welfare. So, why did he insist they be part of the Jan. 1 financial rescue? Here’s the essence of the deal that the White House and Congress reached to pull America back... Read more »

Just how much taxes should the rich pay to be fair?

There are few good answers What’s fair? Upon that question revolved a presidential election and the economic future of America. What’s not fair, we’re told, is rich people not paying higher taxes. But no one seems able to say just how much more they should cough up. The fairness argument won President Barack Obama re-election... Read more »
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New Obama taxes that will hit the 99 percent

Ever hear of the Flexible Spending Account (FSA) Cap? Or the Medical Itemized Deduction Hurdle? If not, you should know that they are among the seven new taxes you can rack up to President Barack Obama that’ll hit the middle class. Curious? The sorry tale is at Brietbart.
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