taxes

Illinois Issues
12:00 am
Mon December 1, 2014

Broken System: Can Illinois’ Antiquated Means Of Generating Revenue Be Overhauled?

This story first appeared in the March 2014 issue.

Taxes suck.

That, it seems, is the only truism. Nobody wants to render unto Caesar. But, at least in Illinois, Caesar needs to get re-elected, and so stuff can get complicated.

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Election 2014
2:50 pm
Thu July 17, 2014

Rauner Proposes Tax Changes

Bruce Rauner
Credit WUIS

Republican candidate for governor Bruce Rauner has presented a plan he says will help grow Illinois' economy and create jobs.

The Winnetka businessman spoke today at a family-owned manufacturing company in Schaumburg. 

Rauner wants to eliminate the income tax increase Democrats approved in 2011, phasing the rate back to 3 percent from 5 percent. He also says he would freeze property taxes and impose a sales tax on services such as charter flights, travel agencies and sewer service.  

Rauner says Democratic Gov. Pat Quinn has been ``a failure on job creation.''  

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Statehouse
5:32 pm
Mon April 21, 2014

Quinn Signs Law Intended To Lower Cost Of Auto Leasing

Credit Flickr user oldbrochures

Gov. Pat Quinn on Monday signed legislation intended to lower the cost of leasing a car in Illinois. Backers of the law say far fewer people lease in Illinois than in surrounding states.

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Statehouse
9:04 am
Wed April 16, 2014

The Vanishing Millionaire Tax

Brian Gaines
Credit IGPA

House Speaker Michael Madigan pulled his plan for a so-called "millionaire tax" last week.   The plan would have raised taxes on those earning $1 million or more a year, with the proceeds going to schools.  It would have required a constitutional change. 

Professor Brian Gaines has studied the idea.  He's with the Institute of Government and Public Affairs at the University of Illinois.  He called Madigan's change of heart a bit surprising:

Brian Gaines' essay on the "millionaire tax" -

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Pensions
6:15 pm
Thu October 24, 2013

Quinn Not Ready To Talk Taxes

Credit Amanda Vinicky/WUIS

Though he supported Illinois' income tax hike in the past, Governor Pat Quinn is so far unwilling to take a stance on whether it should expire.

This fiscal year, Illinois is putting $6.8 billion toward pensions. An amount that's more than covered by how much money the state took in from a higher income tax rate -- the increase alone is projected to pull in almost $8 billion this year.

But that raises the question: how will Illinois function when the income tax revenues begin to decrease?

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