income tax http://wuis.org en Illinois Sees Growth In Tax Revenue, But It Won't Last Long http://wuis.org/post/illinois-sees-growth-tax-revenue-it-wont-last-long <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>2014 is only halfway over, but Illinois' new fiscal year just began last week. The state closed out its year with a billion-dollar growth in tax revenue.</p><p></p><p>The state took in $32 billion in revenue this past fiscal year, more than $7.6 billion of that in sales tax. That's up almost 4.5 percent from last year.</p><p>Jim Muschinske, who analyzes revenues for the state's forecasting commission, says that's not amazing, but it's a healthy increase.</p> Wed, 09 Jul 2014 15:27:07 +0000 Hannah Meisel 29696 at http://wuis.org Illinois Sees Growth In Tax Revenue, But It Won't Last Long Listen To State Week - June 6, 2014 http://wuis.org/post/listen-state-week-june-6-2014 <p></p><p>A recap of the end of the just-completed Spring Legislative Session.</p><p></p> Fri, 06 Jun 2014 19:17:45 +0000 Bob Meyer 26744 at http://wuis.org Listen To State Week - June 6, 2014 Listen To State Week - May 23, 2014 http://wuis.org/post/listen-state-week-may-23-2014 <p></p><p>No agreement so far on a state budget, while debate continues on whether or not to make the temporary state income tax permanent.</p><p></p> Fri, 23 May 2014 18:47:45 +0000 Bob Meyer 25782 at http://wuis.org Listen To State Week - May 23, 2014 Speaker Wants 'Millionaire Tax' Referendum http://wuis.org/post/speaker-wants-millionaire-tax-referendum <p>House Speaker Michael Madigan wants voters to weigh in on his so-called "millionaires' tax" at the November elections.</p><p><a href="http://ilga.gov/legislation/BillStatus.asp?DocTypeID=HB&amp;DocNum=3816&amp;GAID=12&amp;SessionID=85&amp;LegID=77727">The referendum</a> would ask if income greater than a million dollars should be taxed an additional three percent, with the money going to schools.</p><p>Earlier this year, Madigan tried to put this before voters as a constitutional amendment, but he says there wasn't enough support in the House.</p> Thu, 22 May 2014 20:25:09 +0000 Brian Mackey 25706 at http://wuis.org Quinn To Meet With House Democrats On Budget, Taxes http://wuis.org/post/quinn-meet-house-democrats-budget-taxes <p>Illinois lawmakers return to Springfield Monday to begin the final two weeks of the spring legislative session. The big question remains whether Democratic leaders can convince enough rank-and-file lawmakers ... to make a higher income tax rate permanent.</p><p>Although Gov. Pat Quinn, Senate President John Cullerton, and House Speaker Michael Madigan all support making the temporary 5-percent income tax rate permanent — Madigan in particular has had a hard time getting fellow House Democrats to go along.</p> Mon, 19 May 2014 17:43:14 +0000 Brian Mackey 25446 at http://wuis.org Quinn To Meet With House Democrats On Budget, Taxes Civic Federation: Property Tax Rebates Inefficient http://wuis.org/post/civic-federation-property-tax-rebates-inefficient <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Taxes have been in the spotlight at the state Capitol this spring, most visibly the fate of the state's income tax rates. But another tax plan, floated by Governor Pat Quinn, is also attracting ire of Republicans and economists alike.</p><p></p><p><span style="line-height: 1.5;">Governor Quinn's plan for the Illinois budget calls for extending the state's 5-percent income tax rate, instead of allowing it roll back.</span></p><p>It's coupled with a $500 property tax rebate for every homeowner in Illinois.</p> Sat, 17 May 2014 00:58:45 +0000 Hannah Meisel 25311 at http://wuis.org Civic Federation: Property Tax Rebates Inefficient House Democrats Pass Spending Plan (Barely) http://wuis.org/post/house-democrats-pass-spending-plan-barely <p>How much you'll pay in state taxes next year remains an open question, even as the Illinois House Thursday approved dozens of spending bills, that rely on a permanently higher tax rate. It sets the stage for a budget battle, just weeks before legislators are set to adjourn for the summer.</p><p></p><p><span style="line-height: 1.5;">The Illinois House convened at 8 o’clock Thursday morning, and spent most of a very long day on the budget. Lawmakers began with a debate on funding Illinois' public education system, giving schools a slight increase over this year.</span></p> Fri, 16 May 2014 10:56:00 +0000 Amanda Vinicky 25235 at http://wuis.org House Democrats Pass Spending Plan (Barely) Democrats Ask Republicans: "Where's Your Budget Plan?" http://wuis.org/post/democrats-ask-republicans-wheres-your-budget-plan <p>Republicans are not happy with the budget pushed through the Illinois House Thursday by Democrats. But Democrats counter that Republicans aren't offering any proposals of their own.</p><p></p><p><span style="line-height: 1.5;">House Republicans denounced Democrats for passing an out-of-balance budget that relies on a tax increase.</span></p><p>Democrats, however, say Republicans only want to criticize, and haven't put forth a plan of their own.</p><p>Representative Jay Hoffman (D-Swansea) says he searched for the Republican budget everywhere. He even asked his dog.</p> Fri, 16 May 2014 03:59:53 +0000 Hannah Meisel 25234 at http://wuis.org Democrats Ask Republicans: "Where's Your Budget Plan?" House Democrats Play Coy On Taxes http://wuis.org/post/house-democrats-play-coy-taxes <p>Illinois House Democrats are assembling a budget plan for state government. But a big piece of the puzzle is being left out.</p><p>The plan makes it seem obvious House Democrats have heeded Gov. Pat Quinn's call to keep the income tax rate at 5 percent. Except they won't actually say that out loud.</p><p>Rep. Greg Harris of Chicago typified the coyness.</p><p>"This always comes own to the last couple weeks," he says, "and we have to look at different sources of revenue. We have to look at: Do we add here? Do we cut there?"</p> Thu, 15 May 2014 02:35:37 +0000 Brian Mackey 25137 at http://wuis.org House Democrats Play Coy On Taxes Speaker Madigan's Budget Plan http://wuis.org/post/speaker-madigans-budget-plan <p>Members of the Illinois House are spending Wednesday afternoon in a series of budget hearings. The House Speaker says that's meant to lead the way to an income tax vote.</p><p></p><p><span style="line-height: 1.5;">The hearings all focus on one thing: Illinois' next spending plan.</span></p><p>In particular, one that spends money as if Illinois' income tax rate is still 5-percent -- even though the rate is set to drop halfway through the next fiscal year.</p><p>Critics say it's illegal for the House to go forward spending at higher levels, without first voting to extend the higher tax.</p> Wed, 14 May 2014 18:04:57 +0000 Amanda Vinicky 25101 at http://wuis.org Speaker Madigan's Budget Plan State Budget: "It's All In Such A State Of Flux" http://wuis.org/post/state-budget-its-all-such-state-flux <p>After a weekend break, Senators will return to Springfield this afternoon, as the calendar draws closer to the scheduled May 31 adjournment.</p><p></p><p><span style="line-height: 1.5;">While the end of the month is a key date, it's another one, about a half a year away, that will largely guide much of what happens these next few weeks: the November election.</span></p> Mon, 12 May 2014 10:02:04 +0000 Amanda Vinicky 24918 at http://wuis.org State Budget: "It's All In Such A State Of Flux" You First ... No, You First: Tax Hike Timing http://wuis.org/post/you-first-no-you-first-tax-hike-timing <p>The Illinois House will take the lead on whether Illinois keeps its 5 percent income tax. It's scheduled to roll back at the end of this year unless legislators take action.</p><p></p><p><span style="line-height: 1.5;">It's happened in the past.&nbsp;</span><span style="line-height: 1.5;">The Illinois Senate will pass a controversial measure -- like a tax hike -- only for it to languish in the House.</span></p><p>Not this time.</p><p>Senate President John Cullerton says the Senate will vote on the tax question if and only if it first passes the House.</p> Mon, 28 Apr 2014 20:03:31 +0000 Amanda Vinicky 23990 at http://wuis.org You First ... No, You First: Tax Hike Timing House Holdup On Tax Hike, Minimum Wage http://wuis.org/post/house-holdup-tax-hike-minimum-wage <p><span style="line-height: 1.5;">&nbsp;</span>Two major Democratic initiatives are still short the votes needed to pass, at least in the House, as the General Assembly heads into the final stretch of its spring session.</p><p></p><p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>&nbsp;&nbsp;</p><p><span style="line-height: 1.5;">How to deal with Illinois' income tax rate is arguably the biggest issue looming over Illinois politics.</span></p> Wed, 23 Apr 2014 18:34:08 +0000 Amanda Vinicky 23617 at http://wuis.org House Holdup On Tax Hike, Minimum Wage Madigan's 'Millionaire's Tax' Passes Legislative Hurdle http://wuis.org/post/madigans-millionaires-tax-passes-legislative-hurdle <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>A tax on millionaires is advancing through the General Assembly ... at the expense of a progressive income tax.</p><p></p><p><span style="line-height: 1.5;">The so-called "Millionaire's Tax" would levy a three percent surcharge on income over a $1 million. House Speaker Michael Madigan says that should raise about a billion dollars, which Illinois would send exclusively to schools.</span></p><p>"My judgment was that it helps education and it calls upon those in the society that are better able to help fund education than others."</p> Thu, 27 Mar 2014 21:43:20 +0000 Hannah Meisel 21789 at http://wuis.org Madigan's 'Millionaire's Tax' Passes Legislative Hurdle Quinn Tax Hike Plan Sets Stage For Governor's Race http://wuis.org/post/quinn-tax-hike-plan-sets-stage-governors-race <p></p> Thu, 27 Mar 2014 05:00:23 +0000 Amanda Vinicky 21716 at http://wuis.org Quinn Tax Hike Plan Sets Stage For Governor's Race Madigan To Call For Tax Vote In Spring Session http://wuis.org/post/madigan-call-tax-vote-spring-session <p>Following an announcement by Governor Pat Quinn in his budget speech Wednesday, Illinois House Speaker Michael Madigan says he plans to call a vote on making the state's tax increase permanent.</p><p>Madigan is chairman of the state Democratic party and has served as speaker for nearly 30 years.</p><p>He made the comments during an interview with Illinois Public Television following Gov. Pat Quinn's budget address in Springfield on Wednesday.</p> Wed, 26 Mar 2014 20:34:44 +0000 Associated Press 21696 at http://wuis.org Madigan To Call For Tax Vote In Spring Session Gov. Quinn Calls For Keeping Higher Income Tax Rate http://wuis.org/post/gov-quinn-calls-keeping-higher-income-tax-rate <p><span style="line-height: 1.5;">Illinois residents would continue paying a 5-percent income tax rate under the much-anticipated budget proposal Governor Pat Quinn presented today.&nbsp;</span></p><p></p><p><span style="line-height: 1.5;">Illinois' income tax rate is supposed to expire in January, midway through the fiscal year.</span></p><p>Gov. Quinn says that would cause "savage cuts" to schools and other critical state services.<br />Instead, Quinn wants to make the higher income tax rate permanent.</p> Wed, 26 Mar 2014 18:45:25 +0000 Amanda Vinicky 21685 at http://wuis.org Gov. Quinn Calls For Keeping Higher Income Tax Rate Ill. Voters Don't Want Tax Increase, Even If It Means Losing Services http://wuis.org/post/ill-voters-dont-want-tax-increase-even-if-it-means-losing-services <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Illinois voters want the temporary income tax increase to rollback in January, as scheduled, even if it means sizable cuts in state spending.</p><p></p><p></p><p><span style="line-height: 1.5;">Just over a quarter of voters surveyed favor making the current income tax rate permanent, while 60 percent oppose it.</span></p><p>The current 5 percent rate will drop at the end of the year unless lawmakers intervene.</p> Mon, 24 Mar 2014 15:23:08 +0000 Amanda Vinicky 21668 at http://wuis.org Ill. Voters Don't Want Tax Increase, Even If It Means Losing Services Big Revenue Drop If Income Tax Rate Falls http://wuis.org/post/big-revenue-drop-if-income-tax-rate-falls <p></p> Wed, 05 Feb 2014 10:04:50 +0000 Brian Mackey 18331 at http://wuis.org Big Revenue Drop If Income Tax Rate Falls Illinois Delays Start Of Tax Filing http://wuis.org/post/illinois-delays-start-tax-filing <p>Illinois revenue officials say residents won't be able to file their 2013 income taxes until the end of January _ a two-week delay. &nbsp;</p> Thu, 16 Jan 2014 14:23:49 +0000 Associated Press 17056 at http://wuis.org Illinois Delays Start Of Tax Filing New Tax Appeals Tribunal Open For Business http://wuis.org/post/new-tax-appeals-tribunal-open-business <p></p><p>An Illinois Independent Tax Tribunal years in the making is up-and-running today. It gives businesses and individuals who have problems with their tax bills a new avenue to get them overturned. Still there are early concerns over who Gov. Pat Quinn has nominated to serve as the tribunal's Chief Administrative Law Judge.</p><p>Say a business doesn't agree with how much the state Department of Revenue says it owes in sales taxes. Before, it had two options: fight the tax bill in court (though that costs time and money) or plead the case to the Department of Revenue.</p> Thu, 02 Jan 2014 12:29:00 +0000 Amanda Vinicky 16123 at http://wuis.org New Tax Appeals Tribunal Open For Business Activists Pushing For Graduated Income Tax http://wuis.org/post/activists-pushing-graduated-income-tax <p>A group of activists are working to end Illinois' flat income tax. They say they've gathered more than 150-thousand signatures so far, and are making their case to Illinois lawmakers.</p><p><span style="line-height: 1.5;">Income in Illinois is taxed at a uniform five percent, whether you're working at a drive-thru window or you're the CEO of a multi-national corporation.</span></p><p>The people pushing what they call a "fair tax" would have wealthy people pay more, while middle- and lower-income people would pay less. That's already how federal income taxes work.</p> Tue, 05 Nov 2013 12:00:00 +0000 Brian Mackey 12360 at http://wuis.org Report: Deficit Expected Even If Tax Hike Stays http://wuis.org/post/report-deficit-expected-even-if-tax-hike-stays <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Even if Illinois keeps its higher income tax rate, a new report projects the state is headed toward deficit spending.&nbsp;</p><p><span style="line-height: 1.5;">Illinois residents are paying a 5-percent tax on their income. It's been that way since 2011.</span></p><p>According to a new report from the University of Illinois' Institute of Government and Public Affairs, that tax money helped balance Illinois' budget this year.</p><p>But economist David Merriman, who directed the project, says that won't last.</p> Tue, 29 Oct 2013 21:30:37 +0000 Amanda Vinicky 11953 at http://wuis.org Report: Deficit Expected Even If Tax Hike Stays