Kansas tax cuts caused tax revenues to fall 11 percent. What's next?

The tax cuts in Kansas have been breathtaking. In 2012, at Brownback’s urging, the legislature cut individual tax rates by 25 percent and repealed the tax on sole proprietorships and other “pass-through” businesses. It also increased the standard deduction (though it eliminated some individual credits as well).

In 2013, the legislature cut taxes again. It passed a measure to gradually lower rates even more over five years. By 2018, the top rate, which was 6.45 percent in 2012, will fall to 3.9 percent. It also partially restored some of the credits it eliminated in 2012. This time, it did raise some offsetting revenue for the first few years but far less than the statutory tax cuts. The Center on Budget & Policy Priorities wrote up a nice summary of all the tax changes.

So what happened after all those tax cuts? Revenues collapsed.

From June, 2013 to June, 2014, all Kansas tax revenue plunged by 11 percent. Individual income taxes fell from $2.9 billion to $2.2 billion and all income tax collections plummeted from $3.3 billion to $2.6 billion, a drop of more than 20 percent.

A big chunk of that revenue decline likely comes from individuals redefining themselves as pass-through businesses. Last month alone the state’s individual tax payments fell by one-third from June, 2013.

Keep in mind that these are actual year-over-year declines in revenues, not shortfalls in projected revenue. And they came at a time when the national economy was recovering (albeit slowly) and most other states were enjoying strong pickups in tax collections.

….Since the first round of tax cuts, job growth in Kansas has lagged the U.S. economy. So have personal incomes. While more small businesses were formed, many of them were merely individuals taking advantage of the newly tax-free status of those firms by redefining themselves as businesses.

Read the entire article by clicking on the the following:  http://www.csmonitor.com/Business/Tax-VOX/2014/0716/Kansas-tax-cuts-caused-tax-revenues-to-fall-11-percent.-What-s-next

Phishing Scam attempts on I-pass customers

 

25 people with the highest pensions in the state as of April 1, 2014.

Here’s a list of 25 people with the highest pensions in the state as of April 1, 2014.  This list is from:  http://www.rebootillinois.com/2014/07/02/editors-picks/kevin-hoffmanrebootillinois-com/top-25-highest-illinois-government-pensions/19817/?utm_source=hotlist_20140707&utm_medium=email&utm_campaign=

You’ll notice many of the pensioners are/were employed by the University of Illinois-Chicago College of Medicine. Last year, the Better Government Association found that a handful of UIC employees retired, began collecting their pensions, and then were rehired after waiting the required 60 days in order to work part-time for a smaller salary.

Similar to the Naperville police chief who “double dips” — collects a pension on top of a taxpayer-funded salary —  nine UIC College of Medicine employees on this list are receiving pension payouts along with salaries.

 

(*Assumes Life Expectancy of 85 and 3% COLA compounded annually.)

1. Tapas K. Das Gupta

• Title: Professor/Head of Department of Surgical Oncology, Chief of Service (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D. / Ph.D.
• Annual Pension: $452,843
• Employee Contributions: $475,331
• Age at Retirement: 72
• Pension Paid to Date: $3,876,691
• *Estimated Lifetime Pension Payout: $5,276,384
• Percentage of Lifetime Estimate Paid by Employee: 9.0%

2. Edward Abraham

• Title: Orthopedic Surgeon (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $439,965
• Employee Contributions: $535,165
• Age at Retirement: 66
• Pension Paid to Date: $2,829,593 
• *Estimated Lifetime Pension Payout: $9,073,587
• Percentage of Lifetime Estimate Paid by Employee: 5.9%

3. Mahmood Mafee

• Title: Clinical Professor of Radiology (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $392,682
• Employee Contributions: $562,570
• Age at Retirement: 64
• Pension Paid to Date: $2,708,810
• *Estimated Lifetime Pension Payout: $8,841,639
• Percentage of Lifetime Estimate Paid by Employee: 6.4%

4. Herand Abcarian

• Title: Professor of Surgery / Division of Colorectal Surgery (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $359,360
• Employee Contributions: $628,987
• Age at Retirement: 67
• Pension Paid to Date: $1,791,316 
• *Estimated Lifetime Pension Payout: $6,891,360
• Percentage of Lifetime Estimate Paid by Employee: 9.1%

5. Ronald Albrecht

• Title: Associate Professor of Anesthesiology; Chief, Anesthesiology Service, Jesse Brown VA Medical Center (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $358,002
• Employee Contributions: $462,077
• Age at Retirement: 70
• Pension Paid to Date: $2,254,661
• *Estimated Lifetime Pension Payout: $5,438,136
• Percentage of Lifetime Estimate Paid by Employee: 8.5%

6. James Ausman

• Title: Chairman of the Neuropsychiatric Institute (1991-2001)
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $328,767
• Employee Contributions:  $418,471
• Age at Retirement: 70
• Pension Paid to Date: $1,868,250
• *Estimated Lifetime Pension Payout: $5,208,225
• Percentage of Lifetime Estimate Paid by Employee: 8.0%

7. Jacob Wilensky

• Title: Professor of Ophthalmology (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $306,456
• Employee Contributions: $410,791
• Age at Retirement: 62
• Pension Paid to Date: $2,565,764
• *Estimated Lifetime Pension Payout: $7,351,922
• Percentage of Lifetime Estimate Paid by Employee: 5.6%

8. Phillip Forman

• Title: Professor Emeritus of Health Policy & Administration (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $298,740
• Employee Contributions: $376,541
• Age at Retirement: 67
• Pension Paid to Date: $2,987,430
• *Estimated Lifetime Pension Payout: $4,919,800
• Percentage of Lifetime Estimate Paid by Employee: 7.7%

9. Joel Sugar

• Title: Professor of Ophthalmology; Cornea Service Vice Chair; Clinical Operations (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $290,789
• Employee Contributions: $446,643
• Age at Retirement: 59
• Pension Paid to Date: $2,488,810
• *Estimated Lifetime Pension Payout: $8,350,201
• Percentage of Lifetime Estimate Paid by Employee: 5.3%

10. Lawrence A. Wyllie

• Title: District Superintendent
• Employer: Lincoln-Way High School District 210
• Qualifications: Ed.D.
• Annual Pension: $289,861
• Employee Contributions: $398,488
• Age at Retirement: 75 (Retired June 30, 2013)
• Pension Paid to Date: $219,006
• *Estimated Lifetime Pension Payout: $3,163,732
• Percentage of Lifetime Estimate Paid by Employee: 12.6%

11. Edward A. Andersen

• Title: President & CEO
• Employer: CGH Medical-Sterling
• Qualifications: BA/MBA
• Annual Pension: $289,626
• Employee Contributions: $312,570
• Age at Retirement: N/A (Retired Jan. 4, 2013)
• Pension Paid to Date: $309,750
• *Estimated Lifetime Pension Payout: N/A
• Percentage of Lifetime Estimate Paid by Employee: 0.0%

12. Henry S. Bangser

• Title: District Superintendent
• Employer: New Trier TWP HSD 203
• Qualifications: Ed.D
• Annual Pension: $285,945
• Employee Contributions: $275,366
• Age at Retirement: 57 (Retired July 2006)
• Pension Paid to Date: $1,917,706
• *Estimated Lifetime Pension Payout: $9,601,168
• Percentage of Lifetime Estimate Paid by Employee: 2.9%

13. Gary T. Catalani

• Title: District Superintendent
• Employer: Community Unit SD 200
• Qualifications: Ed.D
• Annual Pension: $284,674
• Employee Contributions: $289,151
• Age at Retirement: 56 (Retired June 30, 2011)
• Pension Paid to Date: $1,652,783
• *Estimated Lifetime Pension Payout: $10,345,806
• Percentage of Lifetime Estimate Paid by Employee: 2.8%

14. Craig Bazzani

• Title: Vice President for Business Affairs
• Employer: University of Illinois at Urbana-Champaign
• Qualifications: N/A
• Annual Pension: $281,767
• Employee Contributions: $298,686
• Age at Retirement: 55 (Retired 2002, but under a pension formula intended for police officers and firefighters)
• Pension Paid to Date: $2,834,047
• *Estimated Lifetime Pension Payout: $9,431,462
• Percentage of Lifetime Estimate Paid by Employee: 3.2%

15. Laura L. Murray

• Title: District Superintendent
• Employer: Homewood-Flossmoor CHSD 233
• Qualifications: Ed.D
• Annual Pension: $280,070
• Employee Contributions: $298,591
• Age at Retirement: 57
• Pension Paid to Date: $1,442,008
• *Estimated Lifetime Pension Payout: $9,994,442
• Percentage of Lifetime Estimate Paid by Employee: 3.0%

16. George R. Honig

• Title: Professor Emeritus Department of Pediatrics (Current)
• Employer: University of Illinois-Chicago
• Qualifications: M.D. / Ph.D.
• Annual Pension: $279,628
• Employee Contributions: $401,027
• Age at Retirement: 67
• Pension Paid to Date: $2,478,490
• *Estimated Lifetime Pension Payout: $4,965,034
• Percentage of Lifetime Estimate Paid by Employee: 8.1%

17. Joel Milner

• Title: Professor Emeritus Psychology
• Employer: Northern Illinois University
• Qualifications: Ph.D.
• Annual Pension: $277,316
• Employee Contributions: $429,142
• Age at Retirement: 63
• Pension Paid to Date: $1,746,505
• *Estimated Lifetime Pension Payout: $6,904,273
• Percentage of Lifetime Estimate Paid by Employee: 6.2%

18. Mary M. Curley

• Title: District Superintendent
• Employer: Hinsdale CCSD 181
• Qualifications: Ed.D
• Annual Pension: $272,012
• Employee Contributions: $248,708
• Age at Retirement: 55
• Pension Paid to Date: $1,579,270
• *Estimated Lifetime Pension Payout: $10,406,837
• Percentage of Lifetime Estimate Paid by Employee: 2.4%

19. John Roland Folse

• Title: Head of Department of Surgery
• Employer: Southern Illinois University-Carbondale College of Medicine
• Qualifications: M.D.
• Annual Pension: $271,556
• Employee Contributions: $288,201
• Age at Retirement: 67
• Pension Paid to Date: $3,128,842
• *Estimated Lifetime Pension Payout: $4,264,931
• Percentage of Lifetime Estimate Paid by Employee: 6.8%

20. James J. Schuler

• Title: Surgeon in Division of Vascular Surgery
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $269,615
• Employee Contributions: $564,913
• Age at Retirement: 59
• Pension Paid to Date: $2,104,504
• *Estimated Lifetime Pension Payout: $7,971,747
• Percentage of Lifetime Estimate Paid by Employee: 7.1%

21. Gerald S. Moss

• Title: Dean of UIC College of Medicine
• Employer: University of Illinois-Chicago
• Qualifications: M.D.
• Annual Pension: $266,394
• Employee Contributions: $475,674
• Age at Retirement: 70 (Retired 2004)
• Pension Paid to Date: $2,028,208
• *Estimated Lifetime Pension Payout: $3,751,356
• Percentage of Lifetime Estimate Paid by Employee: 12.7%

22. Nick Holonyak, Jr.

• Title: Professor Emeritus of Electrical and Computer Engineering (Invented LED lighting)
• Employer: University of Illinois at Urbana-Champaign
• Qualifications: Ph.D.
• Annual Pension: $266,257
• Employee Contributions: $125,718
• Age at Retirement: 84
• Pension Paid to Date: $198,358
• *Estimated Lifetime Pension Payout: $198,358
• Percentage of Lifetime Estimate Paid by Employee: 63.4%

23. Reginald L. Weaver

• Title: President (Current)
• Employer: National Education Association
• Qualifications: N/A
• Annual Pension: $265,158
• Employee Contributions: $264,894
• Age at Retirement: 69
• Pension Paid to Date: $1,355,105
• *Estimated Lifetime Pension Payout: $4,394,843
• Percentage of Lifetime Estimate Paid by Employee: 6.0%

24. Maureen L. Hager

• Title: District Superintendent
• Employer: North Shore SD 112
• Qualifications: Ed.D.
• Annual Pension: $263,741
• Employee Contributions: $277,774
• Age at Retirement: 58
• Pension Paid to Date: $1,132,953
• *Estimated Lifetime Pension Payout: $9,186,752
• Percentage of Lifetime Estimate Paid by Employee: 3.0%

25. Jonathan E. Lamberson

• Title: District Superintendent
• Employer: Riverside SD 96
• Qualifications: Ed.D.
• Annual Pension: $262,516
• Employee Contributions: $370,166
• Age at Retirement: 58
• Pension Paid to Date: $218,764
• *Estimated Lifetime Pension Payout: $10,339,571
• Percentage of Lifetime Estimate Paid by Employee: 3.6%

Gaining Ground: Americans' Health Insurance Coverage and Access to Care After the Affordable Care Act's First Open Enrollment Period

 

The Commonwealth Fund is a private foundation that aims to promote a high performing health care system that achieves better access, improved quality, and greater efficiency, particularly for society's most vulnerable, including low-income people, the uninsured, minority Americans, young children, and elderly adults.

The Fund carries out this mandate by supporting independent research on health care issues and making grants to improve health care practice and policy. An international program in health policy is designed to stimulate innovative policies and practices in the United States and other industrialized countries,

Read the entire article by clicking on the following:  http://www.commonwealthfund.org/publications/issue-briefs/2014/jul/health-coverage-access-aca

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Enbridge Pipeline anticipates increasing capacity across Boone County