bills

Chicago Tribune Editorial Board Recognizes ‘Illinois Diaspora’

“You mean that oft-repeated yarn about the state’s population loss being predominantly due to residents being fed up with our winters and moving to warmer destinations like Florida and Arizona isn’t true?”

Survival And Prosperity post yesterday afternoon regarding 86,000 Illinoisans “escaping” to Wisconsin from 2006 to 2015 (hat-tip Illinois Policy Institute)

I had to chuckle when I spotted the following on the Chicago Tribune website this afternoon. The Tribune Editorial Board penned last night:

Property taxes here are among the highest in the nation. And certain parts of the state aren’t just jobs deserts, they’re becoming depopulated deserts. More people moved away from Illinois during the last two years than from any other state in the country. Many moved to other Midwestern states. So don’t repeat the lie that it’s the weather.

Here’s what else a prospective employer sees in Illinois: No state budget in nearly two years. A credit rating nearing junk status. Inability to pay bills as they come due, a basic definition of insolvency. And political impasse in the General Assembly. An attempt at compromise legislation to get a budget passed hit a snag in the Senate on Wednesday. Senators, keep working…

(Editor’s note: Bold added for emphasis)

Great minds think alike?

Nope. Not at all. Just very concerned Illinois residents who have arrived at the same conclusion regarding where this is all heading if Springfield and voters can’t get their act together. Like, yesterday.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Thursday, February 9th, 2017 Business, Credit, Debt Crisis, Demographics, Government, Main Street, Population, Taxes, Weather Comments Off on Chicago Tribune Editorial Board Recognizes ‘Illinois Diaspora’

State Of Illinois’ Unpaid Bills Could Spike To $15 Billion By July

Bad news about the State of Illinois’ finances keeps rolling in. Monique Garcia reported on the website of the Chicago Tribune this morning:

The state has a record stack of unpaid bills that’s expected to hit $15 billion by July if nothing is done, and it must fork over interest when it’s late paying them. Putting a hard dollar figure on those interest costs is difficult, however…

The potential price tag is high enough that Senate leaders from both parties are pushing a plan to borrow billions of dollars to help whittle down the bill backlog and limit interest payments…

Under the plan being pushed by Democratic and Republican leaders in the Senate, Illinois would borrow $7 billion over seven years to pay down the bill backlog and bring the payment cycle closer to 30 days…

(Editor’s note: Bold added for emphasis)

The Tribune article comes after Governor Bruce Rauner pointed out in his State of the State address last Wednesday:

We haven’t had a full year budget of some kind in a year-and-a-half- and we haven’t had a state budget that is truly balanced in decades. We have more than $11 billion in unpaid bills, a $130 billion unfunded pension liability, and the worst credit rating in the nation. We have the 5th highest overall tax burden and one of the lowest rates of job creation of any state

(Editor’s note: Bold added for emphasis)

Garcia’s piece took a close look at the interest payments associated with the bill backlog debacle, which you can read about here on the Tribune site.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Monday, January 30th, 2017 Borrowing, Business, Credit, Debt Crisis, Fiscal Policy, Government, Political Parties, Spending, Taxes Comments Off on State Of Illinois’ Unpaid Bills Could Spike To $15 Billion By July

Illinois Governor Pat Quinn Goes After Corporate Tax ‘Loopholes’ To Pay Bills

“Thirteen area companies say they may cut more than 1,100 jobs in the near future, according to the state’s Worker Adjustment and Retraining Notification (WARN) Act report for February.”

Chicago Tribune, March 5, 2013

Yesterday, Illinois Governor Pat Quinn proposed a $62.4 billion budget for the State of Illinois in 2014. Ray Long reported on the Chicago Tribune website Wednesday:

Quinn also proposed whittling down the state’s $10 billion backlog of unpaid bills by closing what he calls corporate tax loopholes, a move that business groups say amounts to tax hikes on them. Quinn suggested suspending three so-called loopholes that bring in $445 million a year: the federal production activities break, the non-combination rule and the foreign divided allowance.

(Editor’s note: Italics added for emphasis)

From a transcript of the governor’s budget address to the Illinois General Assembly:

Over the next 12 weeks, we should work together to enact legislation that suspends unnecessary corporate tax loopholes and dedicates the resulting revenue to a new Bill Payment Trust Fund.

For example, we should suspend the Foreign Dividend corporate loophole. We should also join other states that have decoupled from the Federal Production Activities loophole. And we should suspend the Non-Combination Rule that allows big corporations to shift their income to locations outside Illinois. Together, these three loopholes alone cost our treasury about $445 million per year.

Suspending corporate loopholes like these until the bills are paid will be good for our vendors and good for our economy.

You know what’s “good for our vendors and good for our economy?” Legislators in Springfield not spending taxpayers’ hard-earned money like drunken sailors. Illinois, like Uncle Sam, has a debilitating spending problem. If the state didn’t spend so much, it might be able to afford to pay its vendors.

Governor Quinn added in his budget address:

Why should we give costly, ineffective loopholes to some of the biggest and most profitable corporations on earth, when we have bills to pay?

Maybe because the jobs these corporations provide are desperately-needed by your constituents? The state’s “official” unemployment rate was 8.6 percent at the end of last year, significantly above the national rate. These days, the “Land of Lincoln” is fast-acquiring a reputation for being bad for business (raising corporate income taxes 46 percent at the beginning of 2011 can have that effect), with our neighbors only too happy to poach companies looking to move to this part of the Midwest or in the start-up phase. And with the businesses go the jobs.

Does it really make sense to pursue “a move that business groups say amounts to tax hikes on them” in light of all this?

After all, if these loopholes are really so evil and detrimental to the State’s bottom line, why would the Governor propose to suspend them only “until the bills are paid?”

Rather than becoming even more business-unfriendly, the State of Illinois, its vendors, and its constituents are better served by a reinvigorated program that attracts, grows, and retains business here. Financial incentives will almost certainly play a role in this initiative. And with the businesses now come the jobs. Along with the tax revenue to pay off our “tab” from all that drunken spending over the years.

Keep on antagonizing the private sector, and the state will continue on its present course of becoming one giant ghetto smack dab in the middle of the Midwest.

You can read Governor Quinn’s entire 2014 budget address here.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Long, Ray. “Quinn blames lawmakers for inaction on pension reform.” Chicago Tribune. 6 Mar. 2013. (http://www.chicagotribune.com/news/politics/clout/chi-quinn-blames-lawmakers-for-inaction-on-pension-reform-20130306,0,971611.story). 6 Mar. 2013.

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Thursday, March 7th, 2013 Debt Crisis, Employment, Fiscal Policy, Government, Spending, Taxes Comments Off on Illinois Governor Pat Quinn Goes After Corporate Tax ‘Loopholes’ To Pay Bills
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