Congrats, Illinois, You’ll Be 47th! – Editorial – Wall Street Journal*

“A new progressive tax would send the state into New Jersey and New York territory….[Illinois’] proposed slate of new individual income tax rates, along with a corporate tax hike tied to the same ballot measure, would drop the state’s rank overall to 47th. That would move Illinois into Dante’s ninth ring of tax hell, ahead of only New Jersey, New York and California”

Read More »

Wisconsin tells Foxconn no tax credits without new deal – AP

“As we have discussed numerous times, markets, opportunities and business plans can and often need to change,” Wisconsin Economic Development Corp. Secretary Melissa Hughes said in a letter. “I have expressed to you my commitment to help negotiate fair terms to support Foxconn’s new and substantially changed vision for the project.”

Read More »

What would a graduated income tax mean for Chicago? – The Daily Line

“That estimated $100 million in new revenues derived from the graduated income tax would be shared among thousands of municipalities in Illinois through the state’s Local Government Distributive Fund. In the legislative sausage-making that went on in the spring of 2019 to ultimately pass both the constitutional amendment for the November ballot and the actual graduated tax rates to go along with the tax change, the proposal was altered, lowering the original $237 million increase to local governments to just $100 million.”

Read More »