Bruce Rauner

Illinois Governor Talks Taxes In Budget Address

Illinois Governor Bruce Rauner (R-Winnetka) gave his third budget speech on Wednesday, saying the following regarding taxes:

As for revenue, we’ve always said that we’d consider revenue if it comes with changes that create jobs and grow the economy.

The current Senate proposal calls for a permanent increase in the income tax rate but offers only a temporary property tax freeze in exchange. That’s just not fair to hard-working taxpayers across the state.

We need a permanent property tax freeze in Illinois, just like the one the House passed last month. Over time, as our economy grows and revenues expand, any increase in the income tax could be stepped down – dedicating future surpluses to taxpayers, not more government spending.

The current Senate proposal would expand the state’s sales tax to cover everyday services, and raise taxes on food and drugs. We’re open to a broader sales tax base to mirror neighboring states like Wisconsin, but let’s make sure it’s best for the people of Illinois, not for the lobbyists in Springfield. We cannot raise taxes on people’s groceries and medicine – just as we cannot tax people’s retirement incomes. We can find a way to balance the budget without hurting lower-income families and fixed-income seniors…

(Editor’s note: Bold added for emphasis)

In short, Governor Rauner appears to be open to raising the state income tax rate as long as a permanent property tax freeze is implemented. Furthermore, Rauner looks to be open to expanding the state sales tax to various services, but is against raising taxes on food, medicine, and retirement income.

You can read the entire budget address on the Illinois Government News Network website here.

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

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Thursday, February 16th, 2017 Fiscal Policy, Food, Government, Health, Income, Retirement, Spending, Taxes Comments Off on Illinois Governor Talks Taxes In Budget Address

Illinois Governor Proposing To Fund, Assign More State Troopers To Patrol Chicago’s Expressways

Chicago-area expressway shootings routinely make the local news these days.

In 2016, 51 shooting incidents took place on Chicagoland expressways. After 37 in 2015. And 19 the year before.

And according to reports, Illinois Governor Bruce Rauner (R-Winnetka) will be proposing a plan tomorrow to combat this violence.

Michael Sneed reported on the Chicago Sun-Times website last Friday:

Sneed has learned Gov. Bruce Rauner plans to wade into the nightmare of Chicago’s street violence in his state budget address in Springfield on Wednesday by proposing a plan to send more state troopers to Chicago.

Translation: Sneed is told the governor, who is involved in a contentious budget battle, will propose funding for two Illinois State Police classes for 200 cadets over the next two years– which would help deal with the violence spilling from the streets onto the expressways…

(Editor’s note: Bold added for emphasis)

The Associated Press has confirmed Sneed’s story. From an AP piece on the FOX News website today:

Illinois Gov. Bruce Rauner will propose that the state pay to add hundreds of state troopers to combat the growing number of shooting incidents on Chicago area expressways.

Rauner’s office confirmed a Chicago Sun-Times report that during his Wednesday budget speech he will push for funding for 200 more state police cadets over the next two years…

(Editor’s note: Bold added for emphasis)

Regrettably, even if Governor Rauner is successful in securing funds for additional troopers, it could be several months before this Chicagoland expressway “surge” takes place.

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

Sources:

Sneed, Michael. “Rauner’s Chicago violence plan- more state police.” Chicago Sun-Times. 10 Feb. 2017. (http://chicago.suntimes.com/politics/sneed-exclusive-rauners-chicago-violence-plan-more-state-police/). 14 Feb. 2017.

Associated Press. “Illinois governor to propose more state troopers to patrol Chicago area expressways in wake of shootings.” FOX News. 14 Feb. 2017. (http://www.foxnews.com/us/2017/02/14/illinois-governor-to-propose-more-state-troopers-to-patrol-chicago-area-expressways-in-wake-shootings.html). 14 Feb. 2017.

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Tuesday, February 14th, 2017 Crime, Government, Public Safety Comments Off on Illinois Governor Proposing To Fund, Assign More State Troopers To Patrol Chicago’s Expressways

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 ‘Grand Bargain’ Legislation Includes 32 Percent Personal Income Tax Hike

Illinois taxpayers may get hit with a significant income tax hike pretty soon. John O’Connor of the Associated Press reported Sunday on The State Journal-Register website:

If last week’s action is any indication, the Democratic and Republican leaders of the Illinois Senate are serious about attempting to bust the state’s 18-month budget deadlock – quickly…

Promising to act on a package by month’s end, they introduced 13 measures Wednesday that included non-budget-related sweeteners for both sides. By Thursday, they had been rapidly assigned public committee hearings…

Here’s a look at other major pieces of the legislation some in the Capitol have nicknamed the “grand bargain”:

* Income tax increase: The personal income tax would jump from 3.75 percent to 4.95 percent, a plan to generate $4.1 billion a year. With spending cuts, Democrats argue, that could eliminate what the governor’s office estimates will be a $5.3 billion deficit on the June 30 end of the fiscal year…

(Editor’s note: Bold added for emphasis)

The proposed 32 percent income tax hike is not a sure thing, as O’Connor noted:

The outstanding question is if a Senate-approved deal would ultimately pass muster with Democratic House Speaker Michael Madigan, who has refused to entertain Rauner’s pro-business agenda as part of budget talks…

Six years ago, the 3 percent personal income tax rate jumped to 5 percent until 2015, when the rate rolled back to the current 3.75 percent.

Like I just suggested to Chicago taxpayers in the previous post, Illinois taxpayers might want to take heed of what’s potentially coming down the pipeline.

Other pieces of legislation include $7 billion more borrowing to pay off overdue bills (now at $10.7 billion), which you can read about on the The State Journal-Register site here.

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

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Monday, January 16th, 2017 Borrowing, Debt Crisis, Fiscal Policy, Government, Income, Political Parties, Taxes Comments Off on Illinois ‘Grand Bargain’ Legislation Includes 32 Percent Personal Income Tax Hike

Donald Trump Inheriting A ‘Poisoned Chalice’?

I’ve had this suspicion for some time now that whoever won the 2016 U.S. presidential election is very likely inheriting a “poisoned chalice.”

When I launched Boom2Bust.com, “The Most Hated Blog On Wall Street,” on Memorial Day weekend 2007, I started warning readers of a coming U.S. financial collapse.

After moving on to Survival And Prosperity in 2010, I came to believe the economy/larger financial system had already entered a long, drawn-out descent before the eventual crash.

That downward trajectory would be punctuated by crises like what reared its ugly head in the autumn of 2008.

Financial types were quick to label the recession at the end of last decade as the “Great Recession.”

This “nattering nabob of negativity” thinks it’s only a matter of time before a “Greater Recession” strikes, fueled by Washington and the Fed “kicking the can down the road” and having too few bullets left when that “road” inevitably runs out.

President-elect Trump is also aware of the possibility of such economic upheaval.

Bob Woodward and Robert Costa reported on The Washington Post website back on April 2, 2016:

Donald Trump said in an interview that economic conditions are so perilous that the country is headed for a “very massive recession” and that “it’s a terrible time right now” to invest in the stock market, embracing a distinctly gloomy view of the economy that counters mainstream economic forecasts…

Trump has for months contended that the U.S. economy is in trouble because of what he sees as an overvalued stock market, but his view has grown more pessimistic of late and he is now bearish on investing, to the point of warning Americans against doing so.

“I think we’re sitting on an economic bubble. A financial bubble,” Trump said. He made clear that he was not specifying a sector of the economy but the economy at large and asserted that more bullish forecasts were based on skewed employment numbers and an inflated stock market.

“First of all, we’re not at 5 percent unemployment. We’re at a number that’s probably into the twenties if you look at the real number,” Trump said. “That was a number that was devised, statistically devised to make politicians- and, in particular, presidents — look good. And I wouldn’t be getting the kind of massive crowds that I’m getting if the number was a real number.”

(Editor’s note: Bold added for emphasis)

Yet Trump, as President-elect of the United States, chooses to accept the potential “poisoned chalice,” from which he might be forced to drink from during his tenure in the Oval Office as the current economic expansion grows long in the tooth.

Consider the following from Jeffrey Sparshott in The Wall Street Journal’s Real Time Economics blog this morning:

Donald Trump is poised to inherit one of the longest-lived economic expansions since the World War II era. Barring any sudden shock or sudden acceleration, the president-elect will also take office during the weakest

The economy has been growing for more than seven years, ranking the expansion the fourth-longest since 1949 (when quarterly data became available). If economic expansion continues through Mr. Trump’s first term, it will be the longest.

While gross domestic product, a broad measure of economic of output, is advancing, it’s been at the slowest rate on record for an expansion

(Editor’s note: Bold added for emphasis)

I’d like to think Donald Trump and the Republicans could turn this ship around and avert economic disaster.

I, for one, would only be too happy to be proven wrong about my prediction of a “Greater Recession” and eventual collapse.

But I fear the damage may already be done.

So much so that the incoming White House might want to level with the American people about what might be in store for them from an economic standpoint.

Otherwise, the public will have less of a fighting chance of weathering the financial storm should it hit.

Not to mention opponents of a Trump administration will try hard to pin the blame on them for a painful event previous administrations played a big part in creating.

One need only look at Illinois where Republican Governor Bruce Rauner (only 22 months in office) is facing the same baseless charges for decades of mismanagement perpetrated by those across the political aisle.

President-elect Trump has his work cut out for him as the economy is concerned. The billionaire businessman seems to be up for the challenge, and America will know soon enough if he can pull off yet another amazing feat.

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

Sources:

Costa, Robert and Woodward, Bob. “In a revealing interview, Trump predicts a ‘massive recession’ but intends to eliminate the national debt in 8 years.” The Washington Post. 2 Apr. 2016. (https://www.washingtonpost.com/politics/in-turmoil-or-triumph-donald-trump-stands-alone/2016/04/02/8c0619b6-f8d6-11e5-a3ce-f06b5ba21f33_story.html?hpid=hp_hp-top-table-main_trumppresidency-7pm%3Ahomepage%2Fstory). 11 Nov. 2016.

Sparshott, Jeffrey. “The U.S. Economy President Donald Trump Will Inherit, in 11 Charts.” Real Time Economics. 11 Nov. 2016. (http://blogs.wsj.com/economics/2016/11/11/the-u-s-economy-president-donald-trump-will-inherit-in-11-charts/). 11 Nov. 2016.

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Friday, November 11th, 2016 Bubbles, Employment, Federal Reserve, Fiscal Policy, GDP, Government, Investing, Monetary Policy, Political Parties, Preparedness, Recession, Recovery, Stocks Comments Off on Donald Trump Inheriting A ‘Poisoned Chalice’?

Illinois On Pace To Run $5 Billion Deficit

“Gaze upon the Illinois landscape today and things may seem OK. Schools opened last week, the roads are getting repaired, the state fair was held, the University of Illinois begins a new academic year tomorrow, the state government’s even paying its bills.

Enjoy this period of normality. It isn’t going to last much longer…”

-Tom Kacich, reporter/columnist at The News-Gazette (Champaign-Urbana), August 23, 2015

More bad news about Illinois’ fiscal health. Natasha Korecki reported on the Chicago Sun-Times website Monday:

Illinois is paying its bills – by court mandate — since Illinois lawmakers and Gov. Bruce Rauner were unable to reach a budget agreement. Rauner vetoed a Democrat-authored financial plan in June, saying it was out of balance by some $4 billion. The new fiscal year came and went July 1 without a new plan in place. Both sides say they’re willing to negotiate, but remain locked into their positions. Rauner wants a series of changes to benefit businesses and weaken unions in Illinois. Democrats oppose the proposals and say they shouldn’t be attached to a budget…

A recent analysis by Senate Democrats indicates that because of various contracts, decrees and court orders compelling spending, the state had already committed 90 percent of its revenues and was on pace to be $5 billion in the hole

(Editor’s note: Bold added for emphasis)

Kacich added from my old stomping grounds:

In May the Democrats who control the Legislature approved a budget that called for spending about $36.5 billion.

Republican Gov. Bruce Rauner vetoed it, calling it “unconstitutional” and “unbalanced.”

You want to see unbalanced?

Even without a constitutional budget in place, the state is still spending money, and eventually it could rise to a level of spending greater than the budget the Democrats sent him in May.

During a Senate hearing last week on an additional appropriation of $373 million for MAP grants for low-income college students — it passed and will go to the House for near-certain approval — Democratic legislators admitted the state is operating at a “spend rate” of 90 percent on a $38 billion budget

Anticipated revenue for the year, meanwhile, is the range of $32 billion, or $33 billion if the economy takes off.

Ugh…

(Editor’s note: Bold added for emphasis)

$36.5 billion was the proposed budget. It was vetoed. The state is currently operating at a 90 percent “spend rate” of a $38 billion budget. And anticipated revenue for the year is only $32-$33 billion.

Not good.

Kacich thinks a tax increase, “that may or may not be bigger than the one that was phased out on Jan. 1.,” is headed our way.

I think he’s right about that tax hike. And it’s something Illinoisans may want to take into account concerning their personal finances in the near future.

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

Sources:

Kacich, Tom. “Tom Kacich: Enjoy the calm; the storm is on the way.” The News-Gazette. 23 Aug. 2015. (http://www.news-gazette.com/news/local/2015-08-23/tom-kacich-enjoy-calm-storm-way.html). 26 Aug. 2015.

Korecki, Natasha. “Comptroller: Illinois facing ‘severe cash shortage.’ Chicago Sun-Times. 24 Aug. 2015. (http://chicago.suntimes.com/news/7/71/903797/comptroller-illinois-facing-severe-cash-shortage). 26 Aug. 2015.

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Wednesday, August 26th, 2015 Debt Crisis, Deficits, Fiscal Policy, Government, Political Parties, Spending, Taxes Comments Off on Illinois On Pace To Run $5 Billion Deficit

Survey: Illinois Runner-Up State For ‘Worst Climates For Small Business’

Continuing Tuesday’s discussion about Illinois not being business friendly, I spotted a piece last night on the MarketWatch website entitled, “The best state and city for small business are…” Caitlin Huston reported yesterday afternoon:

The best state for small business owners is Texas and the worst is Rhode Island, according to an annual survey revealed Tuesday.

The survey, conducted by technology marketplace Thumbtack, contends that the friendliest states and towns for small businesses offer easier or non-existent licensing requirements. On a city basis, the report called Manchester, N.H., the best and Hartford, Conn., the worst for small-business climate…

Huston noted that survey responses came from 17,633 small businesses, with most having 5 or fewer employees.

As for Illinois? It’s the state runner-up under the “Worst Climates for Small Business” category, losing out to Rhode Island but ahead of Connecticut, California, and New York, in that order.

From the Thumbtack.com survey web page:

Small business owners gave California, Connecticut, Illinois, and Rhode Island an “F,” while Massachusetts, Maryland, and New York earned a “D” grade…

(Editor’s note: Bold added for emphasis)

Digging deeper into the Thumbtack.com Small Business Friendliness Survey, the “Land of Lincoln” received an “F” for “ease of starting a business” and “overall friendliness.”

Nice. Real nice. Congratulations Illinois policymakers (not Rauner’s fault)- local and at the state level- on a “job” well done.

Then again, what would one expect from folks (not all of them, to be fair) who have never started/run a business in their lives?

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

Source:

Huston, Caitlin. “The best state and city for small business are…” MarketWatch. 18 Aug. 2015. (http://www.marketwatch.com/story/the-best-state-and-city-for-small-business-are-2015-08-18). 19 Aug. 2015.

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Wednesday, August 19th, 2015 Business, Government, Main Street Comments Off on Survey: Illinois Runner-Up State For ‘Worst Climates For Small Business’

Exit Of Illinois Businesses Picking Up Steam?

Illinois companies are leaving the state for more business-friendly environments.

A tale I come across on a regular basis these days, despite all the sustained propaganda to the contrary.

Marissa Bailey reported on the CBS 2 (Chicago) website Monday regarding the situation of Chicago-based Hoist Liftruck, which just announced they’re departing for Indiana:

Gov. Rauner ran his campaign on what he could do to keep small businesses in Illinois. On Monday, he was begging small businesses to stay in the state.

CBS 2’s Marissa Bailey talked with a business owner who is leaving Illinois for a better deal.

Its 300 employees — most in a trade – work hard in a warehouse the size of two city blocks. But it’s the company’s home for only a few more months.

“I think if anyone looks at the numbers, they would make the same decision I did,” President and CEO Marty Flaska says.

He’s moving his company to East Chicago, Ind. early next year. Flaska says being a manufacturer in Illinois just got too hard. His biggest reasons involve the worker’s compensation system here, the cost of property taxes and lastly, he says, “the uncertainty about income tax in the state and where it may go.”

Flaska estimates that by moving he can save $6 million upfront and $2 million each additional year, thanks to property incentives, state grants and tax cuts in Indiana…

(Editor’s note: Bold added for emphasis)


“Chicago Business Bailing On Illinois”
CBS 2 Video

On the heels of that Hoist Liftruck announcement, Bob Adelmann added over at The New American magazine website:

On Thursday, Hoist Liftruck’s announcement that it was moving more than 500 manufacturing jobs to Indiana was just the latest in a long and almost fevered list of other companies seeking to escape Illinois’ outrageous workers compensation costs and high taxes.

On July 14 machine-maker DE-STA-CO said it was moving 100 jobs to Tennessee. The next day energy processor Bunge North America said it was shutting down its plant in Bradley, Illinois, and laying off 210 workers. The day after that General Mills pulled the plug on its manufacturing plant in West Chicago, terminating 500 workers.

A week later Mitsubishi Motors announced it was closing its production facilities that made its Outlander, ending 918 jobs there, even though there was the threat it would have to return some of the $9 million Illinois paid to get them to move there a few years ago.

Five days after that Mondelez (makers of Oreos and Chips Ahoy) said it was laying off 600 manufacturing jobs at its Chicago South Side facilities.

On August 12 Kraft Heinz, within weeks of their merger, announced its goal of saving $1.5 billion by the end of 2017. First to go were 700 jobs at Kraft’s Northfield facility. The very next day Motorola Mobility announced it was cutting its workforce in Chicago by 25 percent, eliminating another 500 jobs…

Adelmann also noted:

Chief Executive Magazine’s “2014 Best and Worst States for Business” report ranked Illinois 48th out of 50…

I dug up the most recent edition of that same report. The results of Chief Executive’s 11th annual survey have Illinois ranked again as the 48th “worst state for business” in 2015, following New York and absolute “worst state” California.

California, New York, and Illinois. What could those three possibly have in common that might account for such low marks?

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

Sources:

Bailey, Marissa. “For One Chicago Business, Illinois Became Too Inhospitable.” CBS 2. 17 Aug. 2015. (http://chicago.cbslocal.com/2015/08/17/for-one-chicago-business-illinois-became-too-inhospitable/). 18 Aug. 2015.

Adelmann, Bob. “Trickle of Companies Leaving Illinois Turning Into a Flood.” The New American. 14 Aug. 2015. (http://www.thenewamerican.com/economy/sectors/item/21405-trickle-of-companies-leaving-illinois-turning-into-a-flood). 18 Aug. 2015.

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Tuesday, August 18th, 2015 Business, Government, Income, Taxes Comments Off on Exit Of Illinois Businesses Picking Up Steam?

Chicago Public Schools Budget: Property Taxes Hiked To The Max

“Property tax hikes.” Something Chicagoans better get used to hearing in the coming years. Hal Dardick, Heather Gillers, and Juan Perez, Jr., reported on the Chicago Tribune website last night:

Chicago Public Schools unveiled a budget Monday meant to pressure Gov. Bruce Rauner and state lawmakers into providing nearly a half-billion dollars in pension relief, a gambit school officials warn will bring painful cuts if help doesn’t arrive by Jan. 1.

In addition to help from the state, the $5.7 billion operating budget relies on extensive borrowing, an influx of tens of millions in dollars in surpluses from special city taxing districts and an increase of the district’s property tax

To help patch over a budget gap the district said exceeds $1.1 billion, CPS will raise its property taxes to the maximum amount allowable — resulting in a $19 tax bill bump for the owner of a $250,000 home, the district said — while pushing $200 million in debt into the future…

(Editor’s note: Bold added for emphasis)

$19 here, a few bucks there, and pretty soon all these “bumps” start to add up, leading to mass frustration among Chicago taxpayers. And’s this particular increase isn’t a one-off either. From the Tribune piece:

And if Springfield does comes through — which is far from a sure thing — [Chicago schools chief Forrest] Claypool said the district would still need concessions from unions and larger tax hikes in years to come to keep up with the cost of ballooning pension payments…

(Editor’s note: Bold added for emphasis)

Like I said, “mass frustration.”

At what point does it all boil over?

Chicago taxpayers should probably read this article in its entirety to get a clearer picture of what looks to be in store for their pocketbooks in the near future and farther down the road. You can find the piece on the Tribune website here.

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

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Tuesday, August 11th, 2015 Borrowing, Debt Crisis, Deficits, Education, Entitlements, Fiscal Policy, Government, Taxes Comments Off on Chicago Public Schools Budget: Property Taxes Hiked To The Max

Illinois Tax Hikes Coming Warn Municipal Bond Fund Managers

Talk of rapidly-approaching tax hikes in the “Land of Lincoln” is growing. Reuters’ Nick Brown, Megan Davies, and Karen Pierog reported yesterday:

With no easy way to financially engineer or negotiate its way out of a budget and pensions crisis, Illinois is likely to dish out some unpleasant medicine to its residents in the next few years. And investors say that is most likely to come in the form of higher taxes.

Given the Democrats’ control of the state legislature and their opposition to many proposals for spending cuts, municipal bond fund managers see little alternative for Republican Governor Bruce Rauner other than eventually agreeing to hike taxes, such as raising the state’s income tax or broadening its sales tax base…

(Editor’s note: Bold added for emphasis)

Regular readers of Survival And Prosperity shouldn’t be surprised when the hikes (fees, fines, and taxes) arrive, as they’ve been discussed on this blog for quite some time now. The tragedy is that Springfield continues to waste time and resources on trivial matters while neglecting to tackle crucial issues like the well-publicized debt crisis. Monique Garcia and Kim Geiger reported on the latest nonsense preoccupying the politicians. From the Chicago Tribune website this afternoon:

Democratic Speaker Michael Madigan’s effort to ask voters to approve a measure to impose higher income taxes on millionaires failed in the House on Thursday, but provides the powerful Southwest Side politician ammunition to attack Republicans in next year’s legislative campaigns.

The proposal needed 71 “yes” votes to pass, but received just 68. But now there’s a roll call, and Madigan’s Illinois Democratic Party could send out mailers criticizing Republicans who voted against the idea. Democrats already have sent out attack ads against Republicans who did not vote in favor of a property tax freeze last week

(Editor’s note: Bold added for emphasis)

Games. Stupid political games as the state’s “financial reckoning day” fast approaches.

By the way, back on March 24 of last year I blogged about that push for a “millionaire’s tax” in Illinois. My prediction now is pretty much the same as it was a year ago:

Should Illinois Democrats jack up their income taxes, I suspect the number of Illinois millionaires right before the tax hike is implemented will plummet. Revenue will follow. Out-of-state vacation homes in Indiana and Wisconsin will be declared as primary residences.

The only difference being, I forgot to mention Michigan vacation homes.

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

Sources:

Brown, Nick, Davies, Megan and Pierog. “As Illinois runs out of options in budget crisis, tax rises seen in the cards.” Reuters. 20 May 2015. (http://news.yahoo.com/illinois-runs-options-budget-crisis-tax-rises-seen-051616644.html). 21 May 2015.

Garcia, Monique and Geiger, Kim. “Madigan’s ‘millionaire tax’ question fails in House.” Chicago Tribune. 21 May 2015. (http://www.chicagotribune.com/news/local/politics/ct-rauner-warns-of-long-overtime-20150521-story.html). 21 May 2015.

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Friday, May 22nd, 2015 Debt Crisis, Fiscal Policy, Government, Political Parties, Socialism, Spending, Taxes, Wealth Comments Off on Illinois Tax Hikes Coming Warn Municipal Bond Fund Managers
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    It’s been some time since I last blogged about the first Asian branch of Degussa, a leading international player in the precious metals world. Degussa Singapore opened its doors at 22 Orchard Road in October 2015 and operates a safe deposit box service in addition to selling bullion bars, coins, and precious gifts. Yesterday I […]
  • Nomad Capitalist’s 5 Best Countries For Offshore Gold Storage
    Research related to Monday’s post about precious metals storage in Singapore led me to a piece published last fall by Andrew Henderson over on the Nomad Capitalist website. I’ve mentioned Andrew and his company before on the blog, but for those readers not familiar with them, Henderson is the founder and managing partner of Hong […]
  • Singapore’s ‘Strong’ Precious Metals Storage Infrastructure Anchors Trading Hub Push
    It’s no secret that Singapore has become a global leader in the storage and safekeeping of private wealth. In fact, the last mention of the Southeast Asian city-state on this blog concerned a December 12, 2016, article on the The Business Times (Singapore) website which noted privately-owned precious metals from around the world are finding […]
  • List Of Offshore Private Vaults Updated
    The list of private, non-bank vaults outside the United States (offering safe deposit boxes/lockers at a minimum) located on this blog’s sister site- Offshore Private Vaults- was recently updated. Safe deposit facilities now open for business have been added under the following countries: -Hong Kong (Royal England Safe Deposit Box Ltd.) -Thailand (Magna Carta Law […]
  • Next Degussa Numis Day To Take Place May 4, 5
    Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has just posted information about their next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and […]