Archive for Income Tax
Possible Debt Ceiling Deal Includes Tax Reforms
For weeks the talk in Washington has been about the debt ceiling, the legal limit on the amount the federal government can borrow. The debate has not so much been about the debt limit itself, but on the wider issue of deficit reduction. Several plans have been presented in Congress, but these have tended to [...]
What it takes to become a non-resident
Plenty of people in Illinois are starting to wonder, in light of the changing tax landscape, if it might be beneficial to become a non-resident of Illinois, to relocate themselves or their business to another state to a sufficient degree to avoid Illinois taxes. While this may be a sound plan for some people (that [...]
The cost of the tax increase?
In a way, it ‘s a fairly obvious situation. After the financial crash in 2008, Illinois is facing serious budgetary shortfalls–as are many states. To make up the gap, the General Assembly passed a law in January that will raise personal and corporate income tax rates for four years. Seems simple, right? Well, now things [...]
Income Taxes to go up in Illinois
A few hours before the 97th General Assembly was sworn in, the 96th Illinois General Assembly passed the Taxpayer Accountability and Budget Stabilization Act (the Act). If signed into law — and Governor Quinn is expected to do just that — the Act will raise Illinois personal and corporate income taxes for the first time [...]