My Blog

Tag: Taxes

  • Illinois’ Obnoxious Cell Phones Taxes

    Illinois was fifth in a ranking of extra wireless costs, the Tax Foundation said, with the user paying an average of about 21.8 percent in additional federal, state and local taxes and fees. Only callers in Nebraska, Washington, New York and Florida pay more. via Chicago Tribune. I was just talking to someone about this…

  • $55 Million Paid to Kids to Do Nothing

    Records provided to CNN show that $54.5 million was spent on the NRI program, mostly through the governor’s discretionary fund, which doesn’t require legislative approval. The only data on the program’s accomplishments come directly from the Illinois Violence Prevention Authority. The NRI states that it created more than 3,484 jobs, provided counseling for more than…

  • $45k/yr is the “New Rich”

    Implemented in 1969 to make sure upper-income Americans pay their share of taxes, the AMT has increasingly snared more middle-income Americans over the years because it was never indexed for inflation. During the 2011 tax year for example, the higher tax hit single taxpayers with incomes as low as $48,450 and joint filers making only…

  • NYT: Tax Increases Coming (Two Months Late)

    Americans’ taxes will rise in a few weeks. Though the direction is clear, the exact amount is yet to be determined. More than a dozen tax cuts are set to expire Dec. 31 and a couple of new taxes are scheduled to start with the new year. Combined, they would affect nearly 90 percent of…

  • Businesses Expanding but Not Hiring

    A majority of owners of midsized businesses in the Chicago area plan to expand in the next three months, but only a third say they will hire more workers in that time, according to a new survey.  … The most recent poll … found that nearly 60 percent of surveyed businesses planned to expand in…

  • U.N. Wants New Global Taxes

    A 1 percent tax on billionaires around the world. A tax on all currency trading in the U.S. dollar, the euro, the Japanese yen and the British pound sterling. Another “tiny” tax on all financial transactions, including stock and bond trading, and trading in financial derivatives. New taxes on carbon emissions and on airline tickets.…

  • 100 Days Until Taxmageddon

    Sunday will mark the start of the 100-day countdown to “Taxmageddon” – the date the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2013: via Americans for Tax Reform. Here’s a list of some of the new and…

  • Rahm: Higher Cigarette & Amusement Taxes

    Mayor Rahm Emanuel is considering an increase in city taxes on cigarettes and entertainment to help close an anticipated $369 million gap in next year’s budget, City Hall sources said Wednesday.  … It’s unclear how much the cigarette tax might be raised. A city tobacco tax increase would come on the heels of a $1-a-pack…

  • Ald. “New Tax” Cardenas Wants $5/mo

    Chicago should impose a “safety and security fee” — as high as $5 a month on homes and businesses — to generate the $70 million needed to hire 700 additional police officers, an influential alderman said Thursday. Ald. George Cardenas (12th), chairman of the City Council’s Health Committee, said Chicago desperately needs a surge in…

  • The Rich Are Getting Poorer

    Trouble for those “Tax the Rich!” folks: For the first time in history, rich people are actually getting poorer, and luxury retailers are freaking out about it.  … “Because these same consumers are significantly invested in their high-end lifestyle with income committed to a wide-range of fixed expenses to maintain that lifestyle, it’s in discretionary…