“The temporary income tax increases of 2011
will begin to phase down January 1st. The personal income tax rate will
decline from 5 percent to 3.75 percent; the corporate income tax rate will
drop from 7 percent to 5.2 percent. If spending on services in
FY2016 is held constant in nominal, non-inflation-adjusted dollars with
FY2015 levels, the state's accumulated deficit in its General Fund
will increase to $12.7 billion by the end of June, 2016.
“What will this Fiscal Cliff mean for the state's
ability to invest in the core services that can help create a socially and
economically just society? How will a new administration's
policies affect growing income inequality? Who believes we can pay
for education, healthcare or human services by overtaxing families that
lack the ability to pay?
“At CTBA, we're offering sound solutions to difficult fiscal
problems:
- Re-amortizing the pension debt
- Expanding Illinois' sales tax base
- Enacting a graduated rate income tax
MARTIRE EXPLAINS FISCAL CLIFF ISSUE BRIEF:
“Listen to Greg Bishop's interview with Ralph Martire about the CTBA issue brief on the fiscal cliff and long term fixes on the Illinois News Network: Click Here.
“Additional press coverage: Bloomington
Pantagraph: Lawmakers, Rauner eyeing business tax updates - The rollback of
Illinois' income tax rate.... Without any tax changes, however, the Center for
Tax and Budget Accountability said: Click Here.
“Northwest Indiana Times: Lawmakers, Rauner mull
business tax overhaul... Center for Tax and Budget Accountability said Monday
the state's deficit could jump to more than $12 billion in the fiscal year
beginning July 1: Click Here.
“Journal Gazette & Times- Courier: Lawmakers,
Rauner eyeing business tax updates: Click Here.
IT'S THE ECONOMY
“Last week the Dow closed above 18,000 for the first time
ever. The final estimate for third-quarter U.S. economic growth was revised up
to a 5 percent annual pace, its quickest in 11 years. GDP growth,
corporate profitability, the Federal Reserve stimulating growth, lower gas
prices. Read some good news from the Bureau of Economic Analysis:
Click Here.
“However, prosperity hasn't reached every one. Wage growth
is stagnant. As Edward Lawler, a professor at USC's Marshall School of
Business, said, ‘These are tough times for workers.’
“‘One key issue, he said, is that labor unions have less
clout than they once enjoyed. This denies workers a unified voice at the
bargaining table. Improvements in technology have boosted productivity and
allowed employers to limit hiring. And it's become easy to ship jobs abroad,
where people are willing to work for a fraction of the cost of American
workers. All these factors conspire to keep wages down while profits and the
compensation of senior managers skyrocket.’ Read more at the L.A. Times: Click Here.
“The work CTBA takes
on is controversial, but we have a track record of success. With you
standing beside us, supporting our program, we will continue the fight to
ensure core public policy systems work for everyone regardless of
ethnicity, or social, racial, or income class. Please make a generous,
tax-deductible contribution today!" DONATE HERE!
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