Results tagged “taxhike”

• Charges have been brought against the woman who abandoned her baby in a Wheaton yard last week.
• The Sun-Times investigates the use of "company cars" by employees of, ironically, the CTA.
• Chicago Public Schools are going into overdrive this summer to make sure students come back next fall.

Smokers in Illinois just can't seem to catch a break.

Just in time for the International Olympic Committee's visit to Chicago to evaluate the city's bid to host the games in 2016, the Chicago 2016 Olympic bid committee has reached an agreement with several community groups on affordable housing, contracting opportunities and jobs. The City Council’s Finance Committee is expected to vote on the legally binding agreement this morning. Some community have been threatening to embarrass the city with pickets and protests next week when the IOC arrives if the city doesn't agree to benefits for residents if the Olympics comes to Chicago in 2016. "The (agreement) they've come up with is a really good deal," 4th Ward Alderman Toni Preckwinkle told Crain's. "We're a long way down the road from where we were in December. They met us more than halfway."

On the heels of yesterday's revelation that Gov. Quinn plans to propose an income tax hike of upwards of 50 percent comes news that the state budget gap is much larger than had been previously reported: $11.5 billion. According to Crain's Greg Hinz, Quinn's chief of staff Jerry Stermer referred to the deficit as "an unprecedented tsunami of red ink." Hinz continues:

Yes, even in Illinois - state motto: "We tax the shit out of everything" - there's always room to raise taxes. This morning, the Tribune is reporting that Governor Quinn is considering a plan that would raise Illinois' state income tax by half, from 3 percent to 4.5 percent. According to the Trib's source, such a hike would also include a hike in the corporate income tax on businesses, but would be softened by raising the standard $2,000 tax exemption to $6,000. If implemented, it would be the first income tax hike for Illinois in 20 years; the rate was raised from 2.5 percent to 3 percent in 1989. Critics suggest Quinn will have to tread carefully lest he severely damage his chances in 2010. Quinn is due to present his budget plan to the state legislature next Wednesday.