Posts tagged: taxes

Frustrated Illinois Manufacturer Flees to Indiana’s ‘Affordable Shore’ Next Door

From the Chicago City Wire

The president of a company that moved from Illinois to Indiana said recently on a Chicago radio talk show that he looks back on Illinois and hopes one day the state will get its act together.

“It’s kind of a double-edge sword,” Hoist Lifttruck President Vincent Flaska said during a recent edition of “Illinois Rising.” “I still live in Illinois, and I want to see Illinois succeed. But the problem that they have is that they need to get rid of how their tax credits function. They’re basically the only state that gives tax credits out to retain companies. Indiana does not do that.”

There is a lot that Indiana does and doesn’t do that Illinois doesn’t and does do, enough that Illinois couldn’t hold onto his company or the hundreds of jobs that went with it, Flaska said.

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Illinois Senate Budget Plan Includes $5 Billion in Tax Hikes, $7 Billion in Borrowing

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Written by Ted Dabrowski and John Klingner

Illinois Senate members have a drafted a new budget plan that relies on multibillion-dollar tax hikes, but little in structural spending reforms.

The plan punishes taxpayers with more than $5 billion in additional income and other taxes, borrows $7 billion from the bond market and adds casinos in Chicago – none of which provide relief to struggling Illinoisans. The plan also leaves pensions unreformed, does little to workers’ compensation costs and burdens job creators with a higher minimum wage cost.

There are limited, smaller reforms in the overall package, but nothing that slows the growth in government spending. It’s why the plan relies on massive tax hikes – even if those hikes accelerate out-migration of people and businesses. It’s a bad plan for Illinoisans.

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MORE Taxes for Chicago… But It Is Still Not Enough

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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

Illinois’ Backlog of Unpaid Bills Total $4.4 Billion

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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

Quinn: Make the Tax Increase Permanent or the Disabled & Dying Get It

Written By Dan Proft

On Wednesday, Governor Pat Quinn dressed up the demands of a hostage-taker into a state budget address—again.

In advance of the permanently temporary personal and corporate income tax increases he imposed on Illinois in 2011, Quinn argued that without the tax increases, social service providers would suffer.

In fact, he would see to it that they did.

Quinn’s less than subtle message to the human services community was that if they wanted to avoid seeing the invoices they submitted to the state for services rendered put into the permanently permanent pay-no-mind bin in the Governor’s office they best fall in line.

Quinn did not conjure up a darling cartoon character to deliver that message. He did it himself.

This is the same Pat Quinn who sanctioned an effort by the Service Employees International Union (SEIU) to insert themselves between parents and their developmentally disabled children.

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Modified by Matthew Medlen.com