Illinois State Comptroller Judy Baar Topinka says the state is on pace
to be $8.3 billion in the hole by June 30, the end of the fiscal year.
She slammed the controversial state tax increase because she said the
state will still owe what it did a year ago. But it has been pointed out
that she got to the “misleading” billions by adding up the unpaid bills
and projected unpaid bills.
The radical changes to Medicare as proposed by U.S. Rep. Paul Ryan
(R-WI) in the Republican budget plan are meant to save money, but the
hypocrisy of those program cuts plus tax breaks to keep the current
budget numbers in line have been well-documented. The concern surrounding the Republican's budget prompted Rep.
Jan Schakowsky (D-IL) to meet up with some Illinois residents to discuss her Fairness in Taxation Act , which continues to be stalled in the House Committee on Ways and Means.
As Tax Day withers on, progressive groups everywhere are getting heated
over the mounting evidence that the poor get poorer to keep the rich
richer. According to Think Progress, the
tax rate for the richest 400 Americans has been cut by half in the
last 12 years, and not coincidentally, their income has quadrupled too.
”In 1995, the richest 400 Americans paid, on average, 29.93% of their
income in federal taxes. In 2007, the last year for which the IRS has
released data, the richest 400 Americans paid just 16.63%” -- and had
this wealthy group paid the same 2005 rate, there would be an additional
$3 billion in tax revenue.
In a much-anticipated speech, President Obama responded to the Republican deficit-reduction plan, vowing to cut $4 trillion over the next 12 years. The political stakes were huge. Obama was tasked with addressing the seriousness of the deficit, without cutting programs that would anger his Democratic base while providing an alternative to the plan put forth by Rep. Paul Ryan. He did this by drawing a line in the sand on the nation's social safety net and arguing for a roll back of the Bush-era tax cuts for the rich.
Caterpillar CEO Doug Oberhelman today at a press conference with Gov. Pat Quinn described the tax increase that recently passed into law as necessary, and added that he wants to work with the governor to improve the state's business climate.