In this news segment about the State of Illinois’ plans to raise revenue through a tax increase, Civic Federation President Laurence Msall says that raising taxes without making budget cuts does not fix the State’s fiscal problems. Mr. Msall adds that the State could see its structural deficit grow in several years.
This article discusses concerns in the bond market that the State of Illinois’ recent tax increase does not do enough to correct the State’s precarious finances. The Civic Federation says the bond market is especially concerned with Illinois’ debt load.
This editorial about the recent State of Illinois income tax increase, which includes an annual cap on spending, mentions a Civic Federation suggestion that the State should spend less than the cap and only up to available revenues.
In this segment of the "Chicago Tonight" news program, Civic Federation President Laurence Msall participates in a roundtable discussion about the State of Illinois' passage of a large income tax increase package.
In the last hours of the 96th Illinois General Assembly, on January 11, 2011, the legislature took significant action on the State’s budget by passing a bill to increase personal income tax rates from 3% to 5% and corporate income tax rates from 4.8% to 7%. Governor Quinn signed the measure on January 13. The income tax increases, combined with legislation authorizing borrowing of approximately $…
Despite initial results showing that the State of Illinois’ recent tax amnesty program brought in more than $500 million in delinquent tax revenues, a report from the legislature’s financial oversight commission questions how much new General Funds revenue is actually included in the total funds received. The General Assembly approved the tax amnesty program to help boost revenues as part of the…
Civic Federation President Laurence Msall is interviewed in this news segment about proposed expansion in gaming in the State of Illinois. He warns that statewide video poker, despite being approved 18 months ago, has not yet resulted in any revenue for Illinois’ coffers.
This article follows a debate in the suburban community of Niles over whether to allow video gaming within city limits. The Civic Federation says that it opposes video gaming because it is an unreliable source of revenue for governments.
The operating budget enacted by the State of Illinois for FY2011 is based on General Funds revenues projected to be slightly higher than last year’s, and so far actual monthly revenues appear to be on target to meet or exceed these expectations. This increase signals the State’s hope that FY2011 will be a transition year for economically sensitive revenues such as income taxes and sales taxes…
A new report by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability (IIFS) shows why the State of Illinois is struggling to make its roughly $4 billion pension contribution in FY2011. The report reviews the State’s $53.5 billion operating budget for the current fiscal year, which began on July 1, 2010 and ends on June 30, 2011. The report focuses on the $25.8 billion…
