The document summarizes Illinois' fiscal crisis and the tax increases passed in 2011 to address a large budget deficit. It describes how Illinois had structural deficits due to over-reliance on property taxes and underfunding of services. The tax increases generated $7.3 billion annually but deficits remained over $1 billion due to inadequate revenues and increasing costs of education, healthcare, and human services. Further reforms are needed to generate additional revenue in a fair manner.
A presentation on the Louisiana State Budget and its tax giveaways. Shared at the Together Louisiana Statewide Issues Conference on February 15th, 2014.
A presentation on the Louisiana State Budget and its tax giveaways. Shared at the Together Louisiana Statewide Issues Conference on February 15th, 2014.
This is the CCFC's Analysis of Franklin County's current budget. It has been prepared and shared with the County Commissioners with an email request that the Commissioners reduce their budget by 3%.
A webinar presentation by Geoffrey Plague, Independent Sector, to the chief development officers from National Health Council member organizations. October 3, 2011
Illinois illustrated: A Visual Guide To Taxes And The EconomyTax Foundation
Taxes are complicated. Each state’s tax code is a multifaceted system with many moving parts, and Illinois is no exception. This chart book aims to help readers understand Illinois’ overall economy and tax system from a broad perspective. But it also provides detailed illustrations of each of Illinois’ major tax types—individual income taxes, business taxes, sales and excise taxes, and property taxes—to help make the complicated task of understanding the state’s tax code a bit easier.
Illinois Illustrated - A Visual Guide to Taxes & the EconomyKellie71
This chart book aims to help readers understand Illinois’ overall economy and tax system from a broad perspective. It also provides detailed illustrations of each of Illinois’ major tax types—individual income taxes, business taxes, sales and excise taxes, and property taxes—to help make the complicated task of understanding the state’s tax code a bit easier.
CRFB webinar - Where Does the Next Phase of COVID Relief Stand - July 31, 2020CRFBGraphics
Lawmakers on Capitol Hill have been negotiating over a new package of economic and public health support to combat COVID-19. Congress has already enacted $3.7 trillion of spending, tax cuts and deferrals, loans, and other fiscal aid, but some of this support is now expiring, particularly expanded unemployment benefits.
On July 31st, Committee for a Responsible Federal Budget senior vice president Marc Goldwein presented a webinar titled "Where Does the Next Phase of COVID Relief Stand?" This slide deck was made to accompany that webinar.
This is the CCFC's Analysis of Franklin County's current budget. It has been prepared and shared with the County Commissioners with an email request that the Commissioners reduce their budget by 3%.
A webinar presentation by Geoffrey Plague, Independent Sector, to the chief development officers from National Health Council member organizations. October 3, 2011
Illinois illustrated: A Visual Guide To Taxes And The EconomyTax Foundation
Taxes are complicated. Each state’s tax code is a multifaceted system with many moving parts, and Illinois is no exception. This chart book aims to help readers understand Illinois’ overall economy and tax system from a broad perspective. But it also provides detailed illustrations of each of Illinois’ major tax types—individual income taxes, business taxes, sales and excise taxes, and property taxes—to help make the complicated task of understanding the state’s tax code a bit easier.
Illinois Illustrated - A Visual Guide to Taxes & the EconomyKellie71
This chart book aims to help readers understand Illinois’ overall economy and tax system from a broad perspective. It also provides detailed illustrations of each of Illinois’ major tax types—individual income taxes, business taxes, sales and excise taxes, and property taxes—to help make the complicated task of understanding the state’s tax code a bit easier.
CRFB webinar - Where Does the Next Phase of COVID Relief Stand - July 31, 2020CRFBGraphics
Lawmakers on Capitol Hill have been negotiating over a new package of economic and public health support to combat COVID-19. Congress has already enacted $3.7 trillion of spending, tax cuts and deferrals, loans, and other fiscal aid, but some of this support is now expiring, particularly expanded unemployment benefits.
On July 31st, Committee for a Responsible Federal Budget senior vice president Marc Goldwein presented a webinar titled "Where Does the Next Phase of COVID Relief Stand?" This slide deck was made to accompany that webinar.
Mastering the art of sand blasting, shot blasting, surface preparation, metal coating and paint spray equipment, this presentation tells you what we are all about.
For more details, visit us at www.synco.co.in or email us at trideep@synco.co.in.
Trideep Raj Bhandari
Synco Industries Limited
The non-partisan Committee for a Responsible Federal Budget (CRFB) has compiled a brief background on the scope of our nation's fiscal challenges and the drivers of our debt and deficits, while outlining some of the types of solutions available to address the problems. This Powerpoint is meant to offer an objective, easily-accessible view of our country's fiscal situation as an educational tool meant to help foster open and honest discussion about these issues.
Please take the opportunity to view this presentation on why there are positives out there in the market, while looking at those that still concern us!
Thirty years of growing income inequality, corporate tax cuts and personal tax breaks for the wealthy have undermined the livelihood of working people and set up a state budget crisis which does not need to
exist. We present alternative tax proposals and issue a warning of the ominous consequences of privatization, layoffs and state service cuts for all New Yorkers.
We are facing some very difficult budget choices and challenges for Massachusetts for Fiscal Year 2011 (July 2010 - July 2011). Governor Patrick and his administration are holding a series of hearings and forums around the state to get input and ideas from citizens where this presentation is included. To learn more about the hearings and forums, visit www.mass.gov/governor/forums
If you weren't able to make a hearing or forum or want to be prepared before you attend one, this presentation is about 9 minutes long and will give you a basic overview of the budget situation. Please review it, then visit our blog at www.mass.gov/blog/engage to comment and share your ideas.
Where do your tax dollars go? Who pays federal taxes? What are tax expenditures? We explain the U.S. federal tax system in a few easy-to-understand charts. See more resources at http://www.fixthedebt.org/tax-reform-resource-page
Fred Dickson, Chief Investment Strategist for DA Davidson spoke at the Southern Oregon Business Conference on January 26, 2011. While our region has some specific challenges, it is good to hear that we are avoiding a double-dip recession and we can expect to continue a slow recovery.
Breaking Out of a Circle of Scarcity: The Oregon Business Plan's Challenge f...The Oregon Business Plan
Sliding per capita income is leading to low investments in public services. Medicaid and Prison spending are squeezing out investments in education, further driving down personal incomes. Over the next decade the aging baby-boomers and an increasingly diverse population will put more pressure on government revenues. Oregon is trapped in a "circle of scarcity." Breaking out of it is the most important task for Oregon's business, elected and community leaders today.
Breaking Out of a Circle of Scarcity: The Oregon Business Plan's Challenge f...
Ralph martire slide show 4 14-11
1. CENTER FOR TAX AND BUDGET ACCOUNTABILITY 70 E. Lake Street Suite 1700 Chicago, Illinois 60601 direct: 312.332.1049 Email: [email_address] Tax Increases, Spending Caps and the FY2010 General Fund Budget in Illinois For: Campus Facility Association University of Illinois (Urbana-Champaign) UIUC YMCA 1001 S. Wright Street, Champaign, IL Presented by: Ralph Martire, Executive Director Thursday, April 14, 2011; 4:00 pm
2. Illinois’ Worst Fiscal Crises Since Great Depression The Starting Point
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5. New Annual Revenue Under P.A. 96-1496 Item New Annual Revenue to General Fund Inc rease Personal Income Tax Rate from 3% to 5% $6.05 B Increase Corporate Income Tax Rate from 4.8% to 7% $770 M Decouple from the Federal Repeal of the Estate Tax $182 * Temporarily Suspend the Net Operating Loss Carry Forward for Corporations $250 M Annual Net to General Fund $7.252 B ** * In FY2013 and FY2014, GOMB increases this estimate to $240 M. **NOTE: in FY2011 GOMB estimates the aforesaid tax increases will generate $2.88 B in new General Fund revenue.
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7. WHICH CREATES: STRUCTURAL DEFICIT Illinois Structural Deficit Assuming FY2000 to FY2008 Economic Conditions and FY 2000 Balanced Budget Appropriation (adjusted for Inflation and Population Growth)
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10. IS ILLINOIS PROFLIGATE? WELL - - - - - - The ongoing Deficit Problems were Not Caused by Wasteful Spending * NOTE: That after accounting for Inflation and Population Growth, the FY2011 GF of $24.94 B was 5% less than GF spending in FY1995, under Governor Jim Edgar
12. Medicaid spending by Funding Source (Federal, State and Local) AS FOR HEALTHCARE, WELL…….
13. Amount by Which Illinois General Fund State Spending on Human Service Programs Falls Short of Keeping Pace with Inflationary Costs and Population Growth From FY2002 to FY2010 THE REAL IMPACT: $4.4 BILLION LOST HUMAN SERVICES
16. Meanwhile, “Post-Tax Increase” Share Own-Source Revenue as a Percentage of Personal Income Increase or Decrease in IL GF Revenue Revenue if Illinois Had Equal State- Based Tax Burden as a Percentage of State Income Illinois* 8.8% Indiana 9.8% $5.5 Iowa 9.7% $5.0 Kentucky 10.7% $10.5 Missouri 7.6% ($6.7) Wisconsin 10.1% $7.2 2) Increases based on BEA 2008 Illinois Personal Income. * This overstates the actual new tax burden. Sources: IL State Own-Source Revenue Under Neighboring State Revenue Shares FY 2008 Current $ Billions After Passage of the 2011 Tax Increase 1) 2008 State and Local Revenue as a Percentage of Personal Income, Federation of Tax Administrators, updated July 19, 2010.
18. Projected Annual Revenue Shortfalls Under Spending Caps (Current $ in Billions) Which is Funny — Because:
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20. Despite Recent Tax Increase, The FY 2012 Budget has an Operating Revenue Shortfall of over $ 1 Billion But a Remaining Operating Deficit of Over $ 1 Billion
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22. Human Services would suffer $ 471 M (-8.7%) cut if FY 2011 $ 260 M supplemental to Human Services is passed. FY 2012 Proposed Nominal Dollar Change from FY 2011
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24. In 2008 Illinois was 13 th in per capita income but 34 th in per capita human services funding Cuts in specific Department of Human Services Programs
25. Every Major Category of Real Funding for Current Public Services has been Cut Since FY 2000 FY 2012 Proposed Appropriations Compared to FY2000 Actual Appropriations Adjusted for Inflation and Population Growth ($ in Millions)
34. CUT EDUCATION —REALLY? $ Difference in Per Pupil Foundation Level Funding EFAB vs. ACTUAL
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37. Illinois GDP Growth Lags THE ILLINOIS ECONOMY Source: Bureau of Economic Analysis, US Dept. of Commerce
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41. “ THE BURDEN IS TOUGH” *NOTE: It’s a fixed cost for business as well.
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Editor's Notes
Flawed Tax Policy which created a Long-Term Structural Deficit Irresponsible Fiscal practices using borrowing and diverting payments from public pensions to pay for current services To a lesser extent, the “Great Recession” of 2008-2009. See detailed analysis in CTBA’s Funding Our Future at www.ctbaonline.org which among other things recommended a 2% increase in the state income tax – now implemented.
The state’s lack of revenue remains so significant That the state will not have enough revenue to Spend up to the FY 2012 – FY 2015 Spending caps that were part of the tax bill (P.A. 96 – 1496) , see CTBA’s issue brief on this at: www. ctbaonline.org .
Similarly FFR proposes an additional $ 1.3 B savings from Medicaid cuts (in addition to the recent Jan 2011 Medicaid reforms that targeted cost reduction without compromising health care) by shifting costs to recipients and reducing eligibility “to bring Medicaid eligibility into line with the National Average” (p. 10). FFR acknowledges that these cuts would cause the state to forgo $ 650 M in federal matching funds reducing budget savings to $ 650 M and doubling the health care impact of these cuts to vulnerable Illinoisans.
The FFR proposal for further $ 1.35 B “targeted savings” from pension cuts (in addition to the savings already targeted from the 2009 pension changes for future workers) based on Civic Committee proposals would reduce pension benefits for existing state workers in direct violation of the state constitution. The FFR also proposes that state funding for K-12 education be cut by $ 725 M which would increase the funding gap for an “adequate education” further above its current $ 2000 per child.
Other options include: Decoupling from Federal Bonus depreciation. expanding the state sales tax base to cover consumer services. taxing some retirement income under the state’s personal income tax to generate additional revenue. Over the longer term, repealing the constitutional flat income tax requirement and passing a progressive income tax.