Category: Taxes

Experts: Increase Illinois property taxes 40 percent

From Crain’s Chicago Business: llinois homeowners, who already pay some of the nation’s highest property taxes, should pay about 40 percent more for the next decade to wipe out the state’s crippling pension debt, according to a trio of economists at the Federal Reserve Bank of Chicago. The economists argue that paying off the state’s... Read more »

Another gift from your Illinois Democrats

Illinois property taxes are growing 6 times faster than household incomes Ah yes, Democrats (mostly but not exclusively) have given us another reason to get the hell out of Chicago and Illinois. According to the Illinois Policy Institute: Government data show average property taxes paid in Illinois grew more than 6 times faster than household... Read more »

Character counts in Alabama, but still not in Chicago and Illinois

The defeat of Republican Roy Moore in the Alabama special U. S. Senate election by Democrat Doug Jones shows that character still counts in that deeply red, deeply conservative southern state.. As Chicago Tribune columnist John Kass eloquently explains, Republican voters were so repulsed by the widely believed sexual predator Moore that they sacrificed their own political... Read more »
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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.
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