WBEZ | tax http://www.wbez.org/tags/tax Latest from WBEZ Chicago Public Radio en Preckwinkle considers $800 gaming machine tax http://www.wbez.org/news/preckwinkle-considers-800-gaming-machine-tax-103138 <p><div class="image-insert-image "><div class="image-insert-image "><div class="image-insert-image "><img alt="" class="image-original_image" src="http://www.wbez.org/system/files/styles/original_image/llo/insert-images/AP00060312533.jpg" style="height: 483px; width: 620px; " title="In this photo taken in May 2003, a patron plays a slot machine at the Empress Casino in Joliet, Ill. (AP/Seth Perlman)" /></div></div></div><p><iframe frameborder="no" height="166" scrolling="no" src="http://w.soundcloud.com/player/?url=http%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F63534311&amp;show_artwork=true" width="100%"></iframe></p><p>With her 2013 budget address coming up this week, Cook County Board President Toni Preckwinkle has given a few hints as to what her office won&#39;t do to fill the $115 million dollar shortfall.</p><p>&quot;Everything is on the table, with the exception of property and sales tax increases,&quot; Preckwinkle told reporters last week.</p><p>But as for any other details...</p><p>&quot;My budget staff insists that I&rsquo;m not to give any numbers because they&rsquo;re still fiddling with things,&quot; she said.</p><p>As for other items that are on the table, Preckwinkle spokesman Owen Kilmer said Monday that they&#39;re &quot;considering&quot; a tax on gaming machines. If passed, the tax would require an annual $800 dollar sticker on any machines that pay out &mdash; like slots or video gaming.</p><p>But according to Illinois State Representative Lou Lang (D-Skokie), the idea doesn&#39;t make economic sense. Lang has been a long-time proponent of gambling expansion across the state.&nbsp;</p><p>&quot;Video gaming was put in place to be one of the funding sources for the capital bill that we passed 3 years ago,&quot; he said. &quot;Anything that taxes additionally these devices is a hit on those local businesses...it means less people employed, it means less economic development and it means less money for the local municipalites that were supposed to get a local share.&quot;</p><p>Kilmer said the tax would raise about $1 million for the county, a large chunk of which would likely come from the Rivers Casino in Des Plaines. According to the latest <a href="http://www.igb.illinois.gov/revreports/1209StatReport.pdf">report</a>&nbsp;from the Illinois Gaming Board, Rivers has 1,044 electronic gaming devices, which could cost them more than $835,000 if the proposal becomes part of Preckwinkle&#39;s budget.</p><p>Rivers Casino spokesman Dennis Culloton declined to comment on the proposal.</p><p>&quot;This is the first we&#39;re hearing of this and we&#39;ll respond after we get a chance to review the proposal,&quot; Culloton said.&nbsp;</p><p>According to Kilmer, the county is also considering renting out the 34th and 35th floors of the George Dunne county office building and a tax on guns and ammunition that Preckwinkle floated last week.&nbsp;</p><p>The 2013 budget gap was originally estimated at almost $270 million dollars, but Kilmer says the county is expecting federal reimbursment funds from the Affordable Care Act. Under what&#39;s known as the&nbsp;<a href="http://hmprg.org/wp-content/uploads/2012/04/CCHHS-1115-Waiver-Summary.pdf">1115</a>&nbsp;waiver,&nbsp;the county early-enrolled uninsured patients that would have be eligible for Medicaid in 2014.</p><p>Preckwinkle&#39;s budget address is scheduled for Thursday.<br />&nbsp;</p></p> Mon, 15 Oct 2012 12:54:00 -0500 http://www.wbez.org/news/preckwinkle-considers-800-gaming-machine-tax-103138 Business groups complain about Illinois taxes http://www.wbez.org/story/business-groups-complain-about-illinois-taxes-89358 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-July/2011-07-19/AP090129061371.jpg" alt="" /><p><p>Business groups are complaining to lawmakers about taxes in Illinois.</p><div><p>The first in a series of hearings on the state's tax structure was held Tuesday in Chicago.</p><p>Senate President John Cullerton and House Speaker Michael Madigan called for the hearings after major companies, including Caterpillar and the CME Group, said they might consider leaving the state over taxes and the business climate.</p><p>Business groups say they're optimistic something will come out of the hearings, which will be held around the state.</p><p>One outcome they're looking for is a reduction in the state's corporate tax rate, which was recently raised to 7 percent.</p><p>Business groups also say they want other tax credits and incentives expanded.</p><p>&nbsp;</p></div></p> Tue, 19 Jul 2011 18:17:00 -0500 http://www.wbez.org/story/business-groups-complain-about-illinois-taxes-89358 Taxing districts underestimate impact to homeowners http://www.wbez.org/episode-segments/2011-03-23/taxing-districts-underestimate-impact-homeowners-84129 <img typeof="foaf:Image" src="http://llnw.wbez.org/segment/photo/2011-March/2011-03-23/Indian trails library.jpg" alt="" /><p><p>In Chicago&rsquo;s run off election on April 5 some ten Cook County communities will ask voters to weigh in on a proposed tax increase. The ballot referendum includes an estimate of the impact the hike would have on homeowner&rsquo;s tax bill.<br /><br />But some say the figures are a gross under-estimate. Why the discrepancy?&nbsp;And why would local governments want to raise taxes in this economy? For the answer, <em>Eight Forty-Eight</em> turned to <a target="_blank" href="http://www.chicagomag.com/Radar/Deal-Estate/March-2011/Tax-Referendums-May-Understate-Economic-Impact-on-Homeowners/"><em>Chicago</em> magazine real estate reporter Dennis Rodkin</a>.</p><p><em>Music Button: Dave Specter, &quot;Soul Serenade&quot;, from the CD Spectified, (Fret12 Productions)</em></p></p> Wed, 23 Mar 2011 14:40:00 -0500 http://www.wbez.org/episode-segments/2011-03-23/taxing-districts-underestimate-impact-homeowners-84129 Talk of Illinois tax hike gives hope to bond investors http://www.wbez.org/story/ashley-gross/talk-illinois-tax-hike-gives-hope-bond-investors <p><p>A possible income-tax hike in Illinois may have some taxpayers grumbling, but bond investors say it&rsquo;s a good step. <br /><br />California is in terrible financial shape, but the bond-rating agency Moody&rsquo;s says we are even worse. It rates Illinois bonds the lowest in the country. <br /><br />But bond experts say a move to raise the income tax could help stave off another downgrade. Brian Battle works for the Chicago bond-trading company Performance Trust Capital Partners. He says a tax hike gives bondholders more hope that Illinois won&rsquo;t default on its debt. &nbsp;<br /><br />&quot;This is the first positive news we&rsquo;ve had since last summer about Illinois being proactive about doing something to plug this budget gap that we have and now we need to see what they&rsquo;re going to do about it long-term,&quot; Battle says.<br /><br />Battle says bond investors want reassurance that the state can pay its debts many years from now. So he says the market won&rsquo;t really get interested in Illinois bonds until state leaders start cutting the budget in addition to raising revenue.</p></p> Sat, 08 Jan 2011 06:01:00 -0600 http://www.wbez.org/story/ashley-gross/talk-illinois-tax-hike-gives-hope-bond-investors Illinois Democrats closing in on tax hike deal http://www.wbez.org/story/news/politics/illinois-democrats-closing-tax-hike-deal <p><p>Illinois' top Democrats are scheduled to meet Thursday morning to solidify plans for an income tax hike. The increase could raise the rate by up to two percentage points, from three percent to five percent, to help ease Illinois' massive budget deficit, which is projected to reach $15 billion by the next fiscal year.<br /><br />Governor Pat Quinn negotiated with House Speaker Mike Madigan and Senate President John Cullerton - all Democrats - for hours Wednesday about the increase. The hike had been a staple policy point of Quinn's 2010 campaign.<br /><br />Cullerton said Wednesday they're getting close to a framework.&nbsp; <br /><br />&quot;This is all premised on the fact that there will be no spending increases, [a] moratorium on new programs and what we're trying to avoid is deficit spending. That's really what the fight's about,&quot; Cullerton said.<br /><br />He said the upper threshold of an increase would raise the income tax rate by 66 percent, though he added it will be coupled with property tax relief.&nbsp;&nbsp; <br /><br />Meanwhile, Speaker Madigan accused the GOP of standing on the sidelines during negotiations. Republicans said Democrats are acting too little, too late to curb state spending.</p></p> Thu, 06 Jan 2011 13:29:00 -0600 http://www.wbez.org/story/news/politics/illinois-democrats-closing-tax-hike-deal