Illinois income tax

Illinois Issues - Past Due
6:00 am
Wed November 19, 2014

Editor's Note: Tax And Pension Fix Won’t End Illinois’ Budget Crisis

Jamey Dunn
Credit mattpenning.com 2014 / WUIS/Illinois Issues

Listen to Dunn's interview about her column with Rachel Otwell: 

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Statehouse
6:43 am
Tue October 21, 2014

Notes On The Final Governor Debate

Credit wttw Chicago Tonight

The debate portion of the Illinois governor’s race is over. Monday night's debate may have given voters a little clarity.

Now - that doesn’t mean there wasn’t any mud-slinging or repetitive campaign refrains. There was a lot of that. But we did get some answers on issues that have popped up in all three debates. Like what Governor Pat Quinn would do when the 5 percent income tax rate ends in 2015.

QUINN: We need to maintain the income tax, at the same time give annual, direct, property tax relief - a 500 dollar refund - to every single homeowner in this state.

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Election 2014
6:07 pm
Thu August 14, 2014

Rauner Blasts Quinn On "Failed" Policies, Governor's Mansion

GOP candidate for governor Bruce Rauner rides into the Republican Day party at the Illinois State Fair on Thursday. Rauner's warm reception included cheers of "We want Bruce!"
Credit Hannah Meisel/WUIS

  Republican candidate for governor Bruce Rauner hammered on Democrats at the Illinois State Fair Thursday. The Democrat facing the most criticism is Governor Pat Quinn.

Rauner was greeted almost like a rock star as he rolled into the Republican Day party on his Harley. Every time he mentioned voting Quinn out of office, the crowd erupted in cheers.

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State Week
2:27 pm
Fri May 30, 2014

Listen To State Week - May 30, 2014

Credit Dan LoGrasso / WUIS

As the Spring Session nears its end, the House and Senate agree on a state spending plan, but a decision on keeping the state income tax at its current level will probably be held off until after November.   Also, House Speaker Madigan suggests divorcing the Abraham Lincoln Presidential Library and Museum from the Illinois State Historic Preservation Agency.

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Budget FY15
12:01 pm
Fri May 30, 2014

Republicans Decry Democratic "Playbook," Call For End Of Lame Duck Tax Decisions

Credit Brian Mackey/WUIS

  The budget being expected to be pushed through the General Assembly Friday does not count on extending the 2011 income tax hike. But Republicans say they can "see through" the Democrats' plan to revisit the income tax after the November election.

After Democratic leadership gave up on attempting to keep Illinois income tax at five percent, the House pushed through what Democrats call a "middle of the road" budget. It taps into other revenue sources and relies on delaying payments to vendors in order to keep spending relatively flat.

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Budget FY15
2:39 pm
Fri May 23, 2014

"Doomsday" Budget Fails In House

Credit Brian Mackey/WUIS

  The Illinois House overwhelmingly rejected a so-called "doomsday budget" Friday — one that does not rely on extending 2011's income tax hike. It would have imposed deep cuts across Illinois government.

It was the budget that few legislators — Democrat or Republican — actually wanted to pass. It would have slashed education and other government services.

But the budget did not pass. In fact, only five lawmakers voted for the stripped-down budget, including Rep. Fred Crespo, from Hoffman Estates.

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Income tax
5:05 pm
Tue May 6, 2014

Nursing Home Advocates Call For Income Tax Extension

Credit WUIS

  Advocates for nursing homes say if Illinois does not keep income tax rates where they are, thousands of seniors could lose access to care. But it's not yet clear whether the General Assembly will make the tax hike permanent.

Lawmakers have a little less than a month to pass a budget for the next fiscal year -- a budget that nursing homes rely on to subsidize their operations.

Advocates say if the state's income tax is allowed to roll back as scheduled at the end of the year, nursing homes are projected to take a 14 percent funding cut.

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Election 2014
7:30 pm
Wed April 30, 2014

Quinn's, Rauner's Springfield Visits Show True Colors

Credit Brian Mackey/WUIS

  The governor of Illinois, as well as the man who wants to take his job, were both in Springfield Wednesday. What they were doing offers a clear picture of the different directions they want to take the state.

Republican Bruce Rauner was in town to file petitions for his term limits proposal. Then he addressed a meeting of business groups holding an "Employer Action Day."

"Let's make Illinois the most attractive state to do business, rather than one of the most hostile states to do business," he said. "Nothing else more important than that. Number one priority by far."

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Taxing retirement income
6:54 pm
Mon March 3, 2014

Civic Federation Calls For Taxing Retirement Income

  As more baby-boomers retire, Illinois is increasingly missing out on a revenue source. Of the 41 states with an income tax, Illinois is one of only three that exempt all pension income.

A new report from the Chicago-based Civic Federation says Illinois needs to take a longer-term approach to budgeting; one that is rooted less in politics, and more in reality. Most notably. the group recommends Illinois extend its current income tax rate for a year before gradually rolling it back.

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Statehouse
7:17 am
Mon March 3, 2014

Civic Federation Has Plan To Balance Illinois Budget

Credit Civic Federation

The Civic Federation is releasing a new proposal it says will balance Illinois' budget, eliminate its bill backlog and reduce taxes.  

The plan includes capping spending to help the state pay off its $5.4 billion backlog of unpaid bills over the next five years.  

It also would extend the state's temporary income tax increase by a year before reducing tax rates gradually, and calls for taxing pension and social security income.  

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Illinois Issues
12:00 am
Fri November 1, 2013

Over The Horizon: Increase in the State Income Tax From 3 Percent to 5 Percent Expires in 2015

Although the search for a way out of the state’s public pension mess has been the focal point in Springfield for the past two years, it’s not the only fiscal question mark looming over Illinois’ political landscape.

But unlike the years-long build-up that led to the slow-motion pension train wreck, this potential debacle has a timeline that’s crystal clear. On January 1, 2015, the first phase of the state’s temporary 2011 income tax increase will expire, potentially blowing a projected $2.2 billion hole in the state’s revenue stream.

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