-- Connecting the dots between our economy, government and business --
Look for lawmakers to paint Moody’s recent report on Illinois’ proposed progressive tax scheme as a positive endorsement. But the agency’s requirements for a credit “positive” outcome for the tax are nearly impossible for Illinois to achieve. And if lawmakers fail to meet the agency’s requirements, the tax could even lead to more downgrades.
A trove of taxpayer money has already been spent to buy up land for the day, whenever that comes, when the first spade of dirt is turned for a Peotone airport. WGN-TV reported in March that the state has spent $97 million to buy up more than 4,500 acres for an idea that has collected dust for more than two decades.
The stadium proved to be a massive financial drain on the municipality.
Nothing to see here, Illinois. Move along.
The cost of owning and operating a vehicle in Illinois would increase dramatically under a proposal in the state Senate aimed at paying for repairs to crumbling roads and bridges.
The legislation, introduced this week by Democratic Sen. Martin Sandoval of Chicago, would more than double the state’s gas tax to 44 cents a gallon, double the driver’s license fee to $60 and raise the vehicle registration fee to $148. The driver’s license fee is now $30; the vehicle registration fee is $98.
Mayor Rahm Emanuel is floating a new way to address some of the city and state’s pension woes: a tax on retirement income of more than $100,000 a year.
Comment: Folks who pay for NYT surely will nod approvingly.
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