Health & Fitness
Income tax debate takes center stage
JOIN THE TAX DEBATE Want to learn more about the flat tax vs. progressive tax debate? Join us and the Citizens Club of Springfield at our tax forum on Aug. 15 in Springfield. Ralph Martire of the Center for Tax and Budget Accountability and Ted Dabrowski of the Illinois Policy Institute will discuss the pros and cons, respectively, of a progressive tax system. This promises to be a spirited debate on a topic you'll be hearing a lot about between now and November 2014. Find out more here. Can't be in Springfield for the event? Click here for links to more background on the progressive tax effort.
HISTORY LESSON Illinois' income tax started at 2.5 percent and has been up and down over the years. See where it's been and where it's headed (at least according to current law) in our infographic.
PENSION CRISIS ROOTS Assigning blame for the nearly $100 billion unfunded pension liability has been another major point of contention in the pension reform debate. The unions blame lawmakers for deliberately underfunding pensions for many years. Not so, writes Mark Evenson in a Reboot Illinois op-ed. He blames overly optimistic expectations on investment returns by the retirement systems. "Since the year 2000, taxpayers contributed more than $21 billion toward (Teachers Retirement System) pensions which was meant to cover just the $10 billion employer 'normal cost.' Instead, it was fully consumed by the $22 billion 'Investment Returns' overestimation," he writes in a Reboot Illinois op-ed piece.
MAKE IT FAIR If our lawmakers knew they would face strong challenges every election cycle and didn't have a captive audience of hand-picked voters in their districts, they have made smarter decisions about managing the state's pension system. Instead, they carved up friendly districts that made their party affiliation far more important than their voting record at election time. We want to stop the gerrymandering that has set the tone of Illinois politics and driven the state into the financial abyss. We need your help. Find out more about the Yes for Independent Maps effort and how you can get involved. It's the biggest reform of all in Illinois government and we can't expect any help from lawmakers making it happen. Join us!
TOP 7 We've got links to the state's 5 best news and views offered up today. You'll find links to and summaries of many more in the Daily Tip-Off section of our website.
Find out what's happening in Palatinewith free, real-time updates from Patch.
- 7. It’s not the ideal time, but it is time to start talking about the gas tax in Illinois. (Daily Herald)
6. The Metra board has spent enough public money. They need to stop trying to spend more. (Chicago Tribune)
5. Deb Mell replacing her father as alderman shows that Chicago has a royal succession too. (Chicago Sun-Times)
4. It’s up to Deb Mell to prove she earned her new aldermanic seat on her merit and not her last name. (Chicago Tribune)
3. Chicago Public Schools announced its preliminary budget and it sparked lots of protest. (Chicago Tribune)
2. Chicago Public Schools is treading water but needs the state to bail it out by passing pension reform. (Chicago Tribune)
1. A look from the Wall Street Journal on city bankruptcies and their effect on public pensions. (Wall Street Journal)