Although sales tax and personal income tax receipts are rebounding
slightly, the Commission on Government Forecasting and Accountability
reports that overall revenue to the state of Illinois dropped
by 1.6 percent last month compared to a year ago. Declines in federal
aid and corporate income tax receipts contributed to the fall.
A tax amnesty plan approved by the General Assembly this past spring
ended yesterday. While it will take several days to determine if the
state met its collection goal of $250 million, the Commission on
Government Forecasting and Accountability predicted
Illinois would raise just $100 million from the initiative. Last month,
Comptroller Dan Hynes' office lowered its initial estimate for how much
revenue the program will generate. Delinquent taxpayers had five weeks to pay the state unpaid back taxes
accrued between July 2002 to July 2009 without facing fines.
House Speaker Michael Madigan (D-Chicago) isn't convinced that Gov.
Pat Quinn's income tax plan is smart policy. The message "is not only an
increase in the tax for education funding," he toldCrain's
Greg Hinz yesterday.
The weak economy and the city of Chicago's dire fiscal situation has put a dent in Daley's tax increment financing system. We look at where the TIF "surplus" funds are coming from and ask if the lame duck mayor is doing enough.
Having bested the Democratic nominee in the 10th District congressional race, Robert Dold is promising to join other Republicans in Washington in extending the Bush tax cuts for the very wealthiest Americans.