Thursday, January 13, 2011

Illinois tax increase: why lawmakers passed 66 percent income-tax hike

A few comments from a Christian Science Monitor article.

Ralph Martire, executive director of the Center for Tax and budget Accountability, a bipartisan think tank in Chicago. He describes the scope of the tax increases as “transformational.”

But the financial crisis in Illinois is unusual. The state had no choice but to raise taxes, Mr. Martire says: Cutting spending was not a viable option because already, major cutbacks had been made and spending is at a historic low. Then there is the debt: The state already owes $8 billion to vendors, including social service agencies.

A more reasonable measure moving forward, Martire says, would be to overhaul the state’s tax system. He calls it “underperforming and antiquated” for not addressing modern tax growth, leaving out the service sector in its sales tax, and not taxing according to income, which he says hurts lower- to middle-income families.

Click on the following for the complete article:  Illinois tax increase: why lawmakers passed 66 percent income-tax hike -

Lower Taxes in Wisconsin?

If you are considering moving a few miles north to badgerland to save on taxes, these are the tax rates you face.  Looks like 6.15% to 7.75% compared to Illinois 5%.  Things are greener on which side of the fence?



‘W’ to be keynoter in Elgin

President George W. Bush Confirmed Keynote

2011 World Leaders Forum

Judson University is proud to present the inaugural World Leaders Forum, featuring President George W. Bush and a panel of accomplished entrepreneurs with global impact. This annual event will bring recognized world leaders to the Judson University campus each year with the intent to inspire and ignite a flame of leadership for all who attend. All proceeds this year will be donated to the Entrepreneurship Studies Endowment Fund. Please join the Judson Community as we endeavor to educate tomorrow’s business leaders and build greatness in the lives of Judson students. JOIN US!

REGISTER NOW, for the best pricing and best seats! Early Bird Pricing ends January 31, 2011. All Tickets are Tax Deductible (see ticket pricing for details).