WASHINGTON - Tax Vox's Lump Of Coal Awards For The 10 Worst Tax Ideas Of 2015 listed in Forbes includes Illinois – not so much for Illinois' fiscal craving for higher taxes, but more so because the state legislature and the governor have not yet come to a budget agreement.
On one hand, Illinois was paired up with Pennsylvania because neither state has an FY 2016 budget.
9. Illinois and Pennsylvania. At least Michigan passed a budget. In Illinois, Republican Governor Bruce Rauner wants to reduce business costs while the Democrats who control the state legislature want to raise taxes and cut spending. In Pennsylvania, Democratic Governor Tom Wolf wants to raise taxes and GOP state legislative won’t go along. Meanwhile, the fiscal year is now six months old and neither state has a budget.
On the other hand, Illinois was near the bottom of the top 10 listing of worst ideas. It could be much worse, according to Tax Vox. The lump was also presented to those that passed the ridiculously low $305 billion Highway Spending measure that will barely touch the need for repairing the nation's ailing infrastructure, most of which will have to come from somewhere else – like more debt.
Or maybe the "Tax Extender" drama, Tax Vox says, which continues 2016 tax breaks for timber, hard cider, NASCAR racetrack operators, horserace owners, movie producers, and a long list of other not-so-special interests. And adds $700 billion to the national debt.
The worst of all, according to the group is how the GOP presidential candidates are proposing tax cuts with no foreseen way to pay for them.
- And the winner is: The GOP’s tax cut sweepstakes: Somehow, the GOP presidential nominating contesthas turned a debate over tax reform into a competition over who can propose the biggest budget-busting tax cuts. There are many variations on the theme but one constant: Enormous tax rate reductions paid for by largely unidentified loophole closers, unspecified spending cuts, and promises of unbridled economic growth. TPC is still analyzing the plans but there is no doubt that most would add trillions of dollars to the debt over the next decade. And we’ve still got nearly 11 months to go before the election.
The details are HERE.
