Category: Taxation

Republicans, call and double down Obama's deficit reduction bluff

Even while deficit reduction talks continue between the White House and congressional leaders, Democrats and Republics, pundits already are awarding victory points for President Barack Obama’s challenge to do a really big deficit reduction deal. “If not now, when?” he asked at his press conference today, when he made it appear that Republicans were backing... Read more »

Springfield Politicians Played Taxpayers for Chumps--Again

So, all you retired public employees, suppliers waiting for your long over-due checks, “underfunded” schools and the rest of the pack that thought the blow-off-the-roof Illinois income tax increase would solve your problems, what do you think of your Democratic pals now? You’ve been chumped.   Gov. Pat Quinn and Democratic lawmakers were all grins... Read more »

Repeal the Illinois income tax increase!

House Speaker Michael Madigan laughs it up at your expense. ( Tribune photo by Michael Tercha / January 29, 2009 ) ObamaCare and a trillion dollars of bailouts ignited a firestorm of protest that scorched the self-satisfied Democrats. Will the 67 percent increase in the personal property tax ignite a similar tea party-like protest in... Read more »

Boss Madigan to Illinois taxpayers: Eat s....

  Speaker of the House Michaelf Madigan listens to discussion in the Illinois House Thursday. (William DeShazer/Chicago Tribune)   Led by His Highness, House Speaker Michael Madigan, Democratic leaders in the state Legislature have concocted a 75 percent increase in the state income tax. Madigan left it to Senate President John Cullerton to explain the deal;... Read more »

UPDATE: Gary Chico already doing Chicago a big favor, even before he becomes mayor.

UPDATE: Oops, I missed it. Rahm Emanuel has proposed something good for the city. (See UPDATE at bottom of post)  While Rahm Emanuel is out raising campaign money from Hollywood pals for his run for Chicago mayor, another candidate, Gery Chico is doing something important: Trying to ensure that the billions that flowed into the... Read more »

Illinois public pension fund crisis worsens

Before you vote on Tuesday, you should read this to get a better understanding of one of the biggest problems facing Illinois. Illinois’ unfunded pension liability, already the worst in the nation, is expected to spiral to even higher levels because the financially desperate funds are revising their investment goals downward. The funds are desperate... Read more »

Obama tax increase to hit seniors the hardest?

Perhaps so, according to this article in the on-line publication “Remapping Debate.” The article looks at the various sides of the debate, but notes that seniors could be disproportionately hurt because so many retired people depend on dividends to supplement social security, pensions,  401Ks or whatnot. This could be so, because Obama’s tax proposal would... Read more »

Bush-era rate cuts launch a taxing debate

Tribune columnist Eric Zorn and I square off again–this time on the Bush tax cuts.’ From Eric, to Dennis: In May, 2001, four months into President George W. Bush‘s first term, Congress passed across-the-board tax cuts despite the fears of most Democrats and a few Republicans, including Arizona’s Sen. John McCain, who voted “no” because,... Read more »