The State of Illinois is anticipating a large increase in revenues from income tax rate increases approved in January and additional resources from borrowing to make its pension payment for the second year in a row. Even so, the Governor and General Assembly are considering borrowing billions more before the end of the fiscal year. The massive borrowing plan was introduced in the prior…
This news segment explores the effect that the proposed increase in State of Illinois income taxes may have on individuals and businesses. Civic Federation President Laurence Msall says the State’s plans will not make a dent in its deficit and that if the State does not fix its structural deficit, its credit ratings could be lowered.
This article discusses efforts by legislators in Springfield to garner support for an increase in the State of Illinois’ income taxes. The Civic Federation says that if the State does not make major budget cuts between now and FY2015 when the tax increase expires, the State could find itself in a similar fiscally precarious position to where it is now.
This editorial discusses the effect that an increase to the State of Illinois’ taxes may have on businesses. The Civic Federation says that if the State goes through its plan to borrow money to pay into its pension systems and pay off overdue bills in addition to imposing the tax increase, the State could increase its debt by one-third.
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 discussions of the State of Illinois’ budget, no issue is more contentious—or more confusing—than recent spending trends. Simply stated, is Illinois spending more or less than it was two years ago? As previously indicated on this blog, the answer depends on what is meant by spending. According to preliminary information (available at MuniOs.com) provided by the State on January 21, 2011 in…
The Institute for Illinois’ Fiscal Sustainability at the Civic Federation recently described how some State of Illinois pension bond proceeds could be transferred to the State’s General Funds and used for other operating purposes. The final legislation authorizing the state to borrow money in order to make its FY2011 pension contribution may open the door for the state to transfer some of the…
