November 24, 2014
“If illegal immigrants in Illinois are legalized, they would pay $711.6 million in state and local taxes, according to the Institute on Taxation and Economic Policy.”
November 20, 2014
TEXAS Immigrants comprise 21 percent of Texas’ labor force, according to the 2011 U.S. Census Bureau. If all illegal immigrants were removed from Texas, the state would lose $69.3 billion in economic activity, $30.8 billion in gross state product and roughly 403,174 jobs, according to a 2008 report by the Perryman Group. If illegal immigrants […]
November 6, 2014
Unauthorized migrants pay sales taxes, property taxes, whether they rent or own, ‘use’ taxes, and, in some cases, even income taxes, whether state, local, or federal, including social security and medicare taxes. In July 2013, the non-partisan Institute on Taxation and Economic Policy ( ITEP ) issued a report that statistically demonstrated the tax contributions […]
September 17, 2014
It’s always nice when Illinois is not at the absolute bottom of a list. Imagine — finding a reason to rejoice because we are not the worst. So WalletHub study author John S. Kiernan first tried to determine what constitutes a fair state and local tax system. His crew started with an online survey to […]
September 8, 2014
By Julie Wernau State governments aren’t the only ones struggling. Over the past five years, Congress has transferred $53 billion from the general fund to the Highway Trust Fund in order to compensate for lagging gas tax revenues, according to the Institute on Taxation and Economic Policy. The Highway Trust Fund supports 39 percent of […]
September 5, 2014
The United States generally taxes the income of large corporations at 35 percent, one of the highest rates in the world. It has spurred companies such as Lake Forest-based Hospira to enter talks to buy a French company in a deal that would enable the drugmaker to move its headquarters to that country and lower […]
July 30, 2014
A number of high-profile U.S. corporations have, or are reportedly considering, corporate “inversions,” where they move their “headquarters” overseas to avoid paying U.S. corporate income taxes. Unless Congress acts, federal and state governments are set to lose, at minimum, tens of billions in revenue to support urgent priorities such as schools, roads and bridges, and […]
May 22, 2014
The more money you make in Illinois, the lower share of it you pay in state and local taxes. If that sounds unfair, that’s because it is. In fact, low- and middle-income workers pay, on average, two to three times the percentage of their income in state and local taxes that the wealthiest Illinoisans pay. […]
April 15, 2014
When adding up the effect of all state and local taxes, Illinois asks middle- and low-income households to pay a percentage of their income that is two to three times higher than the highest-income households pay. It doesn’t have to be this way. We can all pay our fair share to make sure Illinois has […]
April 14, 2014
(Original Post) By Teresa Puente, Sunday at 8:38 pm President Obama has failed to persuade the Republican controlled U.S. House of Representatives to pass immigration reform, but if anybody can make a moral argument it is Pope Francis. These two men who broke barriers, the first Latin American pope and the first African- American president, […]
April 11, 2014
(Original post) By Eric Zorn, April 11, 2014 I reject … the idea of a city income tax. I think that’s not the right way to go… Chicago Mayor Rahm Emanuel, responding Wednesday to questions about how the city will shore up its sagging pension funds I reject the idea, too, just as I reject […]
March 20, 2014
Over the past five years, many profitable Fortune 500 corporations, including several based in Illinois, paid little or no state income taxes to any of the states in which they do business thanks to copious loopholes, lavish giveaways, and crafty accounting. That’s the conclusion of a new report, released by Citizens for Tax Justice and […]
March 20, 2014
(Original Post) March 20, 2014 SPRINGFIELD, Ill. – Illinois may have the fourth highest corporate tax in the nation, but it turns out that not all businesses are actually paying it. Several Illinois-based companies are on a list of profitable Fortune 500 companies that paid zero state income tax in at least one year from […]
March 12, 2014
Allowing current state income tax rates to expire will cause a revenue collapse that would threaten Illinois’ economic recovery, curtail the ability to support vital investments, and create more uncertainty over how the state will meet its many obligations, a new FPC report released today finds. Read the Full Report
February 27, 2014
There’s new evidence that many of the country’s biggest companies are getting a free pass on taxes, including several businesses headquartered here in Illinois. In fact, many of these profitable companies actually received money from the federal government. Read the Full Report
January 17, 2014
(Original Post) January 15, 2014 8:20PM Updated: January 16, 2014 7:28AM Those who think that offering tax incentives to corporations to keep them in our state should look at a study by the non-profit Institute on Taxation and Economic Policy. The study concludes that tax incentives not only are too costly for states but provide […]
December 19, 2013
Now we have proof that Chicago doesn’t need gimmicks to win a major corporation Phil Rosenthal December 19, 2013 Any out-of-towner can fall in love with Chicago when it’s warm. Commit in December to making it your home and, beyond affection, it’s likely you’ve simply decided this is somewhere you need to be. Three […]
December 19, 2013
When it comes to corporate incentives, leave it to an aerospace company to test the limits of what will fly. For those hoping to host production of its newest big jet, Chicago-based Boeing has a wish list that even Santa, his reindeer and all his little helpers would be hard-pressed to lift, let alone […]
October 28, 2013
The State Journal-Register Posted Oct 27, 2013 @ 01:07 AM There are few states in the nation with as big a stake in immigration reform as Illinois. Immigrants make up 14 percent of Illinois’ population, and 20.3 percent of all business owners in Illinois are foreign-born. The state has everything to gain from a […]
August 21, 2013
For instance, the Congressional Budget Office (CBO) recently estimated that the immigration reform bill that passed the Senate in June would reduce the federal budget deficit by roughly $1 trillion over 20 years and would boost the U.S. economy as a whole without negatively affecting U.S. workers in the long run.
July 10, 2013
(Original Post) By Paul Merrion July 10, 2013 Immigration reform eventually would increase state and local tax collections in Illinois by almost $150 million a year, a new study has found. Undocumented immigrants in Illinois paid about $563 million in state and local income, property and sales taxes in 2010, according to the Institute on […]
May 8, 2013
(Original Post) Ashlee Rezin Wednesday May 8th, 2013, 1:11pm The U.S. Senate voted to approve the Marketplace Fairness Act, a bill that would require online retailers to comply with sales tax laws of states where they sell and ship goods. According to proponents of the measure, Internet shoppers are one step closer to losing the […]
January 30, 2013
(Original Post) Posted today at 11:21 a.m.By Whet Moser One of the ongoing complaints about Illinois’s tax system—besides general complaints about it being too high for everything—is its prairie flatness, which is unusual among states. One complaint is that it hits low-income taxpayers hardest (Naomi Jakobsson, D-Urbana, has proposed a graduated tax); the other is […]
January 15, 2013
Tax policy is by its nature a contentious subject. In the end, individuals pay different proportions of their incomes in taxes to fund public services and a completely different matrix of individuals used those services. Given this dichotomy, establishing a definition of what constitutes the most fair way to levy taxes that is acceptable to […]
January 15, 2013
The Illinois State Budget is the state’s fundamental policy document. It defines what programs and services will receive financial support from the state. In a standard, non-overtime legislative year, Illinois adopts its budget on a fiscal year basis, beginning on July 1 of each calendar year and ending on June 31 of the next succeeding […]