Madigan had to pass budget to find out what’s in it

Recalling Illinois’ past record, everyone must know that Madigan and company’s new budget will not solve the state’s financial crisis. Springfield will continue to spend the additional $5 billion a year, just as they squandered most of the $32 billion extra tax dollars collected during the last temporary income tax hike. Madigan’s budget permanently increases the income tax rate to 4.95% from 3.75% and corporate income tax increases to 7% from 5.25%. No, the personal income tax increase is not 1.2% as some local proponents suggest; it’s a...

read more

Higher taxes will again prove futile in resolving state fiscal crisis

The League of Women Voters in a recent op-ed demanded passage of the proposed increase in Illinois income taxes by over $5B annually; broadening the sales tax to include services; the LWV conventioneers didn’t agree with freezing local property taxes but were in favor of levying a state income tax on senior’s retirement income. The Civic Committee of the Commercial Club of Chicago also envisions raising individual and corporate tax rates and extending the individual income tax to retirement income, just as Illinois Senate President Cullerton,...

read more

Illinois taxpayers have had “Enough!”

On Wednesday, June 29, dozens of Illinois newspapers informed the General Assembly and their readers in an op-ed on the front page that the state has had “Enough!” and demanded that the budget standoff be resolved and resolved now. Illinois taxpayers are the ones who should be demanding, “Enough!” with the state currently spending $33 million tax dollars a day more than revenues. The crux of the fiscal crisis is uncontrolled, excessive overspending of any amount of tax revenue received by Springfield. Illinois taxpayers know that they will...

read more

Illinois Public Pensions, Municipal Bankruptcy and Illinois taxes

The unfunded liabilities facing government pension plans have gained increased public scrutiny during the past year. Governing entities and taxpayers are beginning to recognize the potential consequences of public pension liabilities. Headlines have exposed municipal bankruptcies, such as Detroit and numerous cities in California. In some extreme cases, pension liabilities have been one of the key drivers for municipal bankruptcy filings and reduced pensions could wind up as the solution for the budget shortfall. Current data indicates that...

read more

Another attempt to redistribute state school funding sources

Let’s take a look at today’s Rockford Register Star’s My View column written by the IEA president, Cinda Klickna discussing the cuts being made in Chicago’s school budget and the fact that our state schools are underfunded and inequitable using the unfair local property tax. The complaint is that Chicago Public schools are laying off teachers and support staff, and the usual, it’s hurting the children. It’s hurting the union members much more. The student teacher ratio in Chicago Public Schools was 20...

read more

Illinois General Assembly Democrats are bankrupting the state

Illinois blue voters have elected a veto proof, Chicago-controlled Democratic House and Senate in the Springfield General Assembly, who are bankrupting the state. The Democratic Speaker of the House and the Democratic Senate President had distinctly different solutions for the $100B underfunded pension plans, and $7B in unpaid bills that the General Assembly had to borrow to “balance” the budget. Since the General Assembly left Springfield with the most crucial portion of its job undone (underfunded pensions), Fitch Ratings...

read more