Editorial: Madigan and Democrats Tax Increase Attempts

We are now in the final week of the normal Legislative Session.  The House under Michael Madigan and Democrat control have passed 72 spending bills and so far all of them anticipate making the 2011 “temporary” tax increase permanent.  He also continues to put a so called millionaire tax on the ballot for November. Madigan […]

Why The Latest Pension Reform Proposal is Bad for Taxpayers

Here is the summary (the actual bill details won’t be released until Monday): Funding schedule and method for certifying contributions: Establishes an actuarially sound funding schedule to achieve 100% funding no later than the end of FY 2044. Contributions will be certified using the entry age normal actuarial cost method (EAN), which averages costs evenly over […]

Backdoor pension deal

There’s immense pressure on Illinois legislators to pass a pension bill. With the state pension system nearing insolvency and credit agencies warning of further downgrades, the perceived wisdom is that any pension fix, no matter how small, is a “step forward” that must be passed. But when it comes to pension reform in Illinois, that […]