-- Connecting the dots between our economy, government and business --
Businesses in Illinois beg for stability and predictability in matters of government regulation and taxation, but the state’s tax credit for manufacturing research and development has spooled up and down for 13 years.
“The American worker was born in 1776, but murdered by Beltway Crapweasels,” she told about 50 people at Flanagan’s Restaurant in North Chicago.
A realistic comment from a U of I prof: “There is no end in sight [for the budget stalemate], and there is no sense of when institutions will receive funding or what those funding levels will be.”
In one more twist to an already heated and highly unusual political battle, Harvey city officials can’t even agree whether two aldermen were in the room during a crucial vote Monday night.
A proposal under consideration in Illinois would convert the state’s single-rate individual income tax into a four-bracket tax with a top rate of 9.75 percent on individuals and 11.25 percent on small businesses. The proposal is contingent on ratification of a constitutional amendment authorizing a graduated-rate income tax, which could also permit alternative graduated-rate income tax rates and brackets in the future. Under the proposal, Illinois would impose the second-highest state rate in the country on pass-through businesses, after only California. Illinois would be third after the state of California and New York City when local income taxes are also
With all the talk of how hot the Chicago real estate market is, with low inventories and multiple offers, where is the data to support this narrative?
A report from the University of Illinois’ Institute of Government and Public Affairs: “It will take more than a handshake, a vote and a signature to restore spending in FY16 to FY15 levels. There is a $6.6 billion deficit to deal with… It is hard to imagine any new sources of sustainable revenue that could be adopted and cover a gap of this magnitude.” Comment: In other words, the state is running $6.6 billion in the red even with harsh cuts in place, and even with contributions to pensions insufficient to keep unfunded liabilities from growing. And that’s just for
Hatched by a local journalist, the new “Chicago Corruption Walking Tour” takes a long look at the city’s most outrageous political scandals and packs them into an afternoon stroll Downtown.
“For now, it looks as if the significant net departures are continuing, which increases the burden of government to those remaining.” Comment: Regarding the IRS data on departures, note that it’s three years old. There’s a lag time between when people decide they want to leave and when they do it.
Great Lakes Basin Transportation, Inc., hoping to crack into Chicago’s freight rail market. He is proposing an $8 billion, 280-mile line that would circumnavigate the city, reducing the average travel time through Chicago from 30 hours to 8 hours.
In the latest sign that the proposed Illiana Expressway still has a heartbeat, Illinois and Indiana appear to have reached a deal under which the latter will provide the cash needed for a key revamped environmental review of the controversial toll road.
“Scrutiny? What else you want? You want to take my shorts? Give me a break,” Daley says, as reporters can be heard laughing. “How much scrutiny do you want to have? Go scrutinize yourself. I get scrootened every day, don’t worry, from each and every one of you. It doesn’t bother me.”
“As we’ve known for quite some time now, Illinois is completely insolvent, and in large part due to enormous pension liabilities which as of December were underfunded to the tune of $111 billion. Not only is the state insolvent, its millionaires can’t get out fast enough.”
Domestic visitation to the city totaled 50.97 million people last year, a 4.5 percent jump over 2014’s record performance and the first time that the city hosted more than 50 million domestic tourists.
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