The governor’s proposed budget would save approximately $600 million a year, by reducing the income tax revenue usually shared with municipal governments from 8 percent to 4 percent.
Tax breaks can make raising children a little more affordable.
CBS 2 Chief Correspondent Jay Levine explains why it is only a mixed blessing because the money has to come from somewhere, and the Rauner administration today is warning of “painful decisions” ahead.
The two most prominent contenders running against Mayor Rahm Emanuel in February have come up with some very different ideas about raising revenue for Chicago.
Illinois voters will get a chance in November to weigh in on whether millionaires should pay an additional income tax to help fund schools after Gov. Pat Quinn signed legislation Tuesday adding a nonbinding resolution to the ballot.
The budget debate between Democrat Governor Pat Quinn and Republican rival Bruce Rauner now includes accusations of “flim-flamming” and “flip-flopping, reports WBBM Political Editor Craig Dellimore.
The proposal would place a non-binding resolution on the November ballot asking voters if the Illinois Constitution should be amended to add a 3 percent surcharge to incomes of more than $1 million.
Illinois Senate President John Cullerton says it’s time to honestly face the future…about a tax cut that lies ahead, reports WBBM Political Editor Craig Dellimore.
In a stunning reversal, commissioners in Lake County, Ind., failed to veto a planned 1.5 percent income tax for county residents.
Experts recommend using some type of guidance to navigate forms and maximize your returns.
So you’ve prepared your tax return and found that you owe. What should you do if you can’t pay?
The IRS expects 75 percent of all 2012 returns will get a refund, so if you haven’t started preparing your taxes yet, do it.
The City of Chicago is targeting state tax returns to recoup some of the millions of dollars in unpaid parking and red-light camera tickets.
Mayor Rahm Emanuel is expressing concern after the city had to make up a $1.1 million dollar shortfall in tax revenue for renovations at U.S. Cellular Field and Soldier Field.
With just one week to go until the deadline, the Internal Revenue Service is still waiting for about a third of Illinois taxpayers to file their returns.
While many of his fellow Republicans are denouncing the hastily-passed Illinois state income tax increase, former governor Jim Edgar supports it.
Economic development groups in northwest Indiana are taking steps to recruit businesses from Illinois including an advertising campaign highlighting the area’s transportation infrastructure, proximity to Chicago, work force and facilities.
Lawmakers left two big pieces of unfinished business when they went home after voting to raise income taxes. One would make Ill. a less expensive place to do business, and the other would get billions of dollars into charities and companies struggling to survive.
They’re out there, but they’re not very loud – people who actually think Illinois lawmakers are doing the right thing by raising income taxes.
The state’s 66 percent income tax hike has irked a number of people, including former Gov. Rod Blagojevich.