How Much Will Falling off the Fiscal Cliff Cost You?

If Congress fails to pass an extension of the Bush era tax cuts by midnight Monday, American paychecks will get smaller. You can use the fiscal cliff calculator to see the impact on your paycheck.

With leaders of Congress becoming more and more skeptical a deal will be reached before midnight Monday to avoid the fiscal cliff, it becomes more likely American paychecks will get smaller Tuesday, according to a story in today’s New York Times. “I have to be very honest,” Senate Majority Leader Harry Reid said in the New York Times article. “I don’t know time-wise how it can happen now.” The Senate reconvened today in an unusual session between Christmas and Jan. 1. Even if the Senate passes legislation, the House of Representatives will not come back into session until Sunday barely 24 hours before the deadline, according to a story today on Politico. If no deal is reached, a single person with two exemptions earning $50,000 per year …

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Dan Arenov

11:20 am on Wednesday, January 2, 2013

Hello all, I guess i shouldn't post something like this without providing more details. The idea for this blog, which i've run by the local Patch editor, is to have a small group of people who either lean left or lean right and to be part of a small 'debate' team. We would pick a hot topic each week (maybe pulling from a Brian Slupski news item, etc) on e.g., Monday, and would select one person …   more ›

Survey Respondents Split on Tax Issues

More than 300 people responded to a survey by state Sen. Susan Garrett on taxes, budget, pensions and education.

Constituents of state Sen. Susan Garrett (D-Lake Forest) are almost evenly split when it comes to letting last year’s state income tax increase automatically drop in three more years, according to an unscientific survey Garrett took last month. Garrett asked nine questions in the email poll on taxes, education, budget issues and pensions. She said the answers were monitored to prevent people from voting more than once. She has conducted a number of these surveys during her tenure and finds them valuable. “This was the largest response we have ever hand except for the tax increase,” Garrett said referring to the tax hike imposed a year ago by the Illinois General Assembly. At that time, the legislature increased the state income tax from …

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Spirited Crowd Questions Dold at Town Hall Meeting

Congressman addresses group in Glenview hours after casting vote to cut $60 billion in federal spending.

A passionate group of more than 60 people came to U.S Rep. Bob Dold’s (R-IL) town hall meeting at Glenview Village Hall on Saturday to hear what their congressman had to say about his first six weeks in Washington.  The citizens wanted to hear Dold’s ideas and express their own. Some of the participants argued with each other while the first-term congressman acted as the peacemaker. Most had the economy and budget as their top priorities, and there were a myriad of suggestions to improve the situation.  Dold was poised to discuss the issue after voting to cut $60 billion from the current federal budget just seven and a half hours before the meeting began. He cast his vote about 3:30 a.m. (CST) on the floor of the House.  “We had to go back…

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Deep Dish Pizza

1:14 am on Friday, February 25, 2011

@ Pat - I mentioned below that Dold's notorious "jobs advisory panel" is headed up by Abbott Lab's chief lobbyist. This came to light the week AFTER Abbott pinkslipped 2000 people even though the company was profitable. Is Dold and his shiny new "jobs panel" going to find those 2000 people new jobs?   more ›

"Is Declaring Bankruptcy An Option?" State Reps. Discuss Budget Crisis

At Sunday’s League of Women Voters-sponsored forum, state Reps. Daniel Biss, Robyn Gabel and Karen May instilled hope in some residents and infuriated others.

Two of Northbrook's state representatives came before disgruntled voters Sunday to address growing concerns about Illinois’ gaping budget hole. Three local branches of the League of Women Voters hosted the forum, inviting Reps. Daniel Biss (D-17th District), Robyn Gabel (D-18th) and Karen May (D-58th) to New Trier Township High School in Northfield to offer their budget-balancing strategies. “For too long Illinois [has been] financing its growing deficit by accumulating debt,” said Jane Goldenberg, acting co-president of the Winnetka-Northfield-Kenilworth League of Woman Voters, a nonpartisan policy-educating organization. “We are among the five states with the highest debt in pension liabilities. Our state fiscal crisis is devastating …

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Letters to the Editor

Letter to the Editor: "Illinois Was On the Brink of Fiscal Failure"

District 57 State Rep. Elaine Nekritz explains why she voted to raise taxes in January.

These are difficult times and the problems we face in state government have no easy or pleasant solutions. I recognize that the action we took to raise revenue is difficult on families and businesses and that it is not popular, but it was necessary at this time in order to stave off even more dire financial consequences for all of us.  The choices were not good - they were "bad" and "worse". Illinois was on the brink of fiscal failure.  Our revenues were down 25% over the last two years due to the recession.  Our bond rating was going to be downgraded to junk status in a matter of weeks (if not days) had the legislature failed to act and the message being sent by the credit default swap market on Wall Street was that Illinois was …

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