Thursday, Feb 26, 2015
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Income tax question looms as Gov. Quinn prepares for budget speech

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Givemeliberty - Illinois House Speaker renews push for \'Millionaire\'s Tax\' - Quincy, IL News - QuincyJournal.com
I wonder what this 3% would amount to in dollars, I'm guessing in the overall scheme of things its a drop in the bucket in terms of "new revenue", and is nothing more than a way to pander to voters so he can say "see I'm doing something"
UJacks1 - City starting to look at budget cuts - Quincy, IL News - QuincyJournal.com
Maybe instead of 'finding other posts' for those who have lost a current post, city needs to 'let them go'. yes, it is a tough thing to do, but, when city tries to get blood from turnips, that is just as tough to do. how many city citizens are below the poverty line already? you keep raising taxes and more will be there or they will move across the river. either way, city loses.…
1950Brutus - ADM aids Quincy Kiwanis playground project - Quincy, IL News - QuincyJournal.com
3 cheers for ADM
1950Brutus - City starting to look at budget cuts - Quincy, IL News - QuincyJournal.com
I'm sure there is more story here than we know about so probably best to withhold judgement until more info comes to light. I admit this isn't any fun but what can one do.
Righty1 - City starting to look at budget cuts - Quincy, IL News - QuincyJournal.com
Remember the fiascal with the storage buildings across from Spring Lake at the 12th ST. and HWY 24 junction about 10 years ago. They had to remove them after Bob Mays sued them. Not so much a police enforcement issue but your neighbor could take legal action. Still not right. No representation, no enforcement.

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Illinois' budget plan requires trust

11 months, 2 weeks ago herald-review.com

Five-year plan would allow the state to pay off its $5.4 billion of unpaid bills

From herald-review.com:

Chicago's Civic Federation has proposed a reasonable and balanced approach to extract Illinois from its current financial mess.

The problem is trusting the current state government to do anything that's reasonable and balanced.

The federation unveiled a five-year plan this week that would allow the state to pay off its $5.4 billion backlog of unpaid bills and would also avoid extreme budget cuts.

The plan calls for extending the temporary income taxes that are scheduled to expire at the end of this year for one year and then eliminating those taxes over the next four years. In addition the plan calls for taxing retirement income. Illinois is one of three states that exempts pension income from income taxes and one of 27 states that doesn't tax Social Security income.

Coupled with the pension reform proposal approved by the legislature, the Federation's plan ``would finally allow the state to move beyond what has become a perpetual fiscal crisis,'' Civic President Laurence Msall said.

The expiration of the lame duck tax rates at the end of this year will cause the state to lose more than $1.7 billion in tax revenues next year and more than $4 billion in fiscal year 2016. Gov. Pat Quinn has yet to unveil his plan for the taxes, although most expect the issue won't be addressed until after the November elections.

The tax issue is sure to be controversial and taxing the income of retirees will not be an easy sell.

The Federation should be applauded for putting forth a well-reasoned plan.

But the plan ignores this reality: Taxpayers have no reason to trust state government.

For example, when the lame duck tax increases were pushed through in 2011, Democratic leaders promised that the money would be used to pay off the backlog of bills and that pension reform would be addressed. Pension reform was delayed for nearly three years and while the backlog of bills has been reduced, it is far from eliminated.

Instead, we see a myriad of examples where state money has simply been wasted – the latest being Gov. Pat Quinn's questionable spending of $55 million to reduce violence in Chicago neighborhoods. In numerous ways, the state has used taxpayer money to continue its free-spending ways.

The Federation plan – at its most basic – is asking taxpayers to bail out state government for poor management in the past.

The issue boils down to a simple question: Given the state's track record, why should taxpayers trust our state government to use hard-earned taxpayer dollars wisely?

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