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Judges order government spending without representation in Illinois

JANUARY 24, 2020 | THE HEARTLAND INSTITUTE | by Edward Tiesenga, Carl Miller, Sophia Pethokoukis

Despite Illinois’ Constitution vesting the entire appropriations power in the General Assembly, an undercurrent of judge-ordered spending has been flowing beneath the surface of the state’s budget.

Amid voter backlash, lawmakers will repeal tax reform package

JANUARY 24, 2020 | DESERET NEWS (UTAH) | by Lisa Roche

 The controversial tax reform package that sparked a referendum to let voters decide whether to raise sales taxes on food, gas and some services while reducing income taxes will be repealed instead by the Utah Legislature, state leaders announced Thursday.

Why are there 234 local tax measures with government revenue at record high?

JANUARY 24, 2020 | LOS ANGELES DAILY NEWS | by Dustin Weatherby

When Californians go to the polls in March, they will narrow the field of presidential candidates, decide a $15 billion school bond and face hundreds of local tax measures. There are 234 local tax and bond measures on the March ballot

Millions are fleeing high-tax states to pursue a low-cost American Dream

JANUARY 24, 2020 | NEW YORK POST | by Ryan Fazio

After the Connecticut General Assembly passed a billion-dollar tax hike in 2015, General Electric warned they might move their corporate headquarters out of the state if then-Gov. Dannel Malloy signed the bill. Malloy went ahead, and the following year General Electric announced the elimination of hundreds of jobs as they packed up the headquarters they’d called home for over 40 years.

‘Exit option’ complicates picture for Illinois pension reform

JANUARY 23, 2020 | DAILY HERALD (ILLINOIS) | by Bill Bergman

Union opposition to proposed pension reforms have sparked a new wave of protests in France, a little more than a year after the onset of the "yellow vest" protest movement.

New York’s health-care industry awaits Cuomo’s budget-deficit fix

JANUARY 23, 2020 | THE WALL STREET JOURNAL | by Jimmy Vielkind

Officials representing New York’s hospitals, nursing homes, counties and insurance plans are bracing for reductions to Medicaid funding as Gov. Andrew Cuomo proposes a new state budget this week.

The ‘fair tax’ would impact businesses, too

JANUARY 23, 2020 | ILLINOIS BUSINESS ALLIANCE | by Jared Carl

The Illinois Constitution states that corporate income can be taxed at one, non-graduated rate, and that this rate "shall not exceed the rate imposed on individuals by more than a ratio of 8 to 5." This means that, since individual income is taxed at 4.95%, the corporate rate cannot exceed 7.92%. 

The high cost of rejecting public pension reform in Illinois

JANUARY 23, 2020 | FORBES | by Elizabeth Bauer

Once more, from the top: here is why public pension reform matters. In December, I cited a report by the Chicago Tribune that, due to lack of funding, 20,000 adults in Illinois with cognitive disabilities were on a waitlist for group homes or day programs, waiting seven years or longer, due to lack of funding.

 

The bond prospectus – what it is and what it tells you

JANUARY 22, 2020 | NJ SPOTLIGHT (NEW JERSEY) | by Richard Keevey

If one wants to know about the finances of a state or local government — do not go first to the annual budget or the annual financial statements. Instead, obtain the latest bond prospectus — also referred to as the official statement

Enjoying the Indiana sales tax

JANUARY 22, 2020 | GREATER FORT WAYNE BUSINESS WEEKLY (INDIANA) | by Morton Marcus

One night recently, in a moment of unusual calm, I sat down to read the 2019 Annual Report of the Indiana Department of Revenue

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