Written by David E. Smith
Earlier this week, Mayor Rahm Emanuel and his minions in the Chicago City Council passed a massive tax hike that will COST most city homeowners $600-$800 MORE in taxes (maybe more) so that the Left’s BIG GOVERNMENT can continue to inefficiently flounder under one Party rule. This tax increase is on top of the Cook County 1 percent sales tax hike that starts on Jan. 1, 2016.
Yes, I intended to say “flounder.” Moody’s Investors Service responded to this announced tax increase by asserting that it is not enough to fill the overspending budget hole created by decades of feckless political (mis)management. So this “crisis” scenario will inevitably come up again in the future.
Yet, the Chicago City Council’s perceived financial “needs” require that Chicago taxpayer surrender precious resources to feed the insatiable appetite of big government. … Continue Reading
Written by Benjamin BanMetre
Illinois began August with a $4.4 billion dollar backlog of unpaid bills. If lawmakers would have kept the promises they made in 2011, the backlog would be zero today – or close to it.
In January 2011, Illinois lawmakers pushed through a record tax hike that raised the income tax rate on individuals to 5 percent from 3 percent, and on corporations to 7 percent from 4.8 percent. They called it the Taxpayer Accountability and Budget Stabilization Act and went on record making the following promises:
“We have some temporary tax increases that are designed to pay our bills, get Illinois back on fiscal sound footing and make sure that our state has a strong economy.” – Gov. Pat Quinn
“The purpose of this bill is to raise enough money so that we can continue to pay our pensions without borrowing the money, to pay off our debt, to have enough money to pay the interest on that debt …” – Senate President John Cullerton
“… remember the point of this income tax increase is not to expand programs, not to do brand new things in Illinois state government, it is only intended to pay our old bills and deal with the structural deficit.” – House Majority Leader Barbara Flynn Currie
Between 2011 (when the tax hike was implemented) and 2015 (when the tax hike will partially sunset), the tax hike will have generated $31.6 billion in new, additional revenue for the state of Illinois.… Continue Reading