Quinn’s new ad criticizes his Democratic colleagues

Bragging about an unconstitutional means to an unconstitutional end. Quinn’s new ad says his stunt to withhold legislator pay, which was unconstitutional, got us the 2013 pension bill, which is probably unconstitutional in light of the recent Kanerva decision. http://qctimes.com/news/local/government-and-politics/elections/quinn-s-new-ad-criticizes-his-democratic-colleagues/article_308fe12d-43bc-5b26-b4f1-ef7afcd93e9c.html

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Poll Indicates Support of Tax Increase Costing Quinn Votes – We Ask America

Why would Quinn’s numbers drop while the number of those voters who are undecided increase? A separate question on the poll indicates that Quinn’s support for making the 5% temporary income tax rate permanent may be having an effect. http://www.mystateline.com/story/d/story/poll-indicates-support-of-tax-increase-costing-qui/57029/7LM-psPGYUWoSkHg66-d_w?utm_source=twitterfeed&utm_medium=twitter

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Durbin Unveils New Bill to Close Corporate Tax Loopholes – WTVO

Durbin, along with several democratic congressional members, introduced the No Federal Contracts for Corporate Deserters Act, which would ban the government from doing business with American companies trying to avoid taxes by setting up their headquarters overseas. http://www.mystateline.com/story/d/story/fed-up-with-corporate-tax-loopholes-durbin-unveils/15202/ljgxGKy9nEezIv8Al1orBg?utm_source=twitterfeed&utm_medium=twitter

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The Real Financial Crisis in College – Forbes

Adam Andrzejewski has a lot to say about the College of DuPage:  wine cellars, shooting clubs, a corrupted $20 million state grant, a college president’s $500,000 comp package and $600 million in construction projects. http://www.forbes.com/sites/adamandrzejewski/2014/07/29/the-real-financial-crisis-in-college/

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Communities ponder use of video gaming funds – The Southern

Despite thousands of dollars of new revenue flowing into their communities, not everyone is happy about it — and not all city leaders are betting on video gambling to shore up their often-stretched budgets. http://thesouthern.com/news/local/communities-ponder-use-of-video-gaming-funds/article_86a0aab3-da07-576b-8dd4-2733a89eddd1.html

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A Must-Read State Pension Analysis: The ARC and the Covenants

By: Mark Glennon*   A research report recently published by JP Morgan looks at pension obligations for Illinois and other states from several particularly useful and interesting perspectives. It’s the best attempt we’ve seen to quantify how much of state budgets would be required to fix their pensions. Highlights are below, but if you really want to roll up your sleeves on public pensions, read all 26 pages, linked here.   The primary author is Michael Cembalest, who is known for seeing through the Madoff fraud and refusing to do business with Madoff while his firm did. He now chairs

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