We discuss the effect of the income tax rollback in Illinois. We find out how the Affordable Care Act may affect your 2014 return. And, author Tom Geoghegan sees a connection between the decline in union power and the rise in income inequality.
Illinois House Speaker Michael Madigan, who also is state Democratic Party chairman, is proposing to cut the state’s corporate income tax rate in half. His bill, introduced today, calls for lowering the corporate tax on profits from 7 percent to 3.5 percent.
Tax Day protests are nothing new. From tea to whiskey to war, Americans have long voiced their dissent by opting to keep their tax dollars right in their pockets. But are tax protests effective? And how much do they connect to flaws in our tax policy?
More than half the tax increase now awaiting Illinois Gov. Pat Quinn's signature is supposed to be phased out after a few years. But the last time lawmakers passed an income tax hike that was "temporary," it didn't stay that way. Short-term pain is easier to absorb than long-term pain.
A possible income-tax hike in Illinois may have some taxpayers grumbling, but bond investors say it’s a good step. California is in terrible financial shape, but the bond-rating agency Moody’s says we are even worse. It rates Illinois bonds the lowest in the country.