The Illinois Tax Increase Aftermath

Previously I have written of the financial difficulties of states.  Of particular interest, for a variety of reasons, is the precarious situation in Illinois, of which I wrote of in the January 19 post (“Financial Situation Facing Illinois“) The Wall Street Journal had a June 9 editorial titled “Illinois Tax Firesale” which contained the following … Read moreThe Illinois Tax Increase Aftermath

Financial Situation Facing Illinois

The state of Illinois has received much attention lately for its budgetary shortfalls and recently enacted personal and corporate income tax increases.  A January 13 Wall Street Journal article titled “Illinois Braces for Tax Increases” provides a summary of the current budgetary situation. I was quite surprised to see state Comptroller Judy Baar Topinka declare … Read moreFinancial Situation Facing Illinois

“60 Minutes” On State Budget Problems

On Sunday, “60 Minutes” did a segment on state budget problems.  Both video and a transcript are available. The segment is worth viewing, especially for those who lack familiarity with the issue.  While I don’t agree with some of its comments, it provides a good overview of the situation and some of the complexities involved. … Read more“60 Minutes” On State Budget Problems

State Budget Deficits

On Monday The Wall Street Journal had an Op-ed by Steve Malanga titled “How States Hide Their Budget Deficits.” Of particular interest is this excerpt: “Last week, however, the Securities and Exchange Commission (SEC) filed fraud charges against New Jersey for misrepresenting its financial obligations, particularly its pension obligations, and misleading investors in its bonds. … Read moreState Budget Deficits

Debt And Taxation

On Saturday The Wall Street Journal had an editorial titled “Escape from Taxation.”  The link is here. In the editorial, it is mentioned that higher-income people are moving out of New Jersey as the tax rate is increased. In my article “America’s Trojan Horse” found at this link, I discussed the widely-held fallacy that debt … Read moreDebt And Taxation

“Quick Fixes” To Balance State Budgets

I wanted to briefly comment on this recent (July 17) Wall Street Journal article that mentions how Illinois and California are working to “balance” their budgets: http://online.wsj.com/article/SB124776520979752661.html The article brings to mind a term that I have used before, “quick fixes.”  Sadly, some of the means by which these budgets are apparently being balanced might … Read more“Quick Fixes” To Balance State Budgets