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Taxes
Quick Hit
by Ellyn Fortino
2:32pm
Tue May 14
1 comment

Chicago's 4th Ward Residents Call For More TIF Transparency, Accountability At Town Hall Meeting

The 11 tax increment financing, or TIF, districts in the 4th Ward took $5.6 million in property taxes from those living within the boundaries in 2011, the CivicLab revealed at TIF town hall meeting Monday night.

Four of those districts fall nearly 100 percent inside of the ward and had extracted about $42 million from property taxpayers since the start of the TIF program back in 1986 through 2011, said Tom Tresser, co-founder of the CivicLab and leader of the of volunteer-based TIF Illumination Project.

Monday’s TIF town hall was the CivicLab’s eighth community meeting. Tresser and other “TIF illuminators” are holding meetings across the city in an effort to raise awareness about Chicago’s economic development program. The CivicLab's project sets out to find what wards are TIF "winners" or "losers."

Craig Coleman, a 10-year resident of the 4th Ward, said Monday night was the first time he heard exactly how much property tax dollars local residents had kicked into the program. He raised concerns about the TIF program’s lack of accountability and transparency.

“I think it’s money off the books that should be put back on the books,” Coleman said in remarks after the meeting, held at Room 43 in Kenwood. “How do you change it, and does your alderman control this or ... who controls the law to change this? When it’s time for the mayoral elections, does it get swept under the rug like everything else?”

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PI Original
by Ashlee Rezin
1:11pm
Wed May 8

Online Retailers May Soon Lose 'Unfair Advantage' As Marketplace Fairness Act Heads To House, Proponents Say

Congress

The U.S. Senate voted to approve the Marketplace Fairness Act, a bill that would require online retailers to comply with sales tax laws of states where they sell and ship goods. According to proponents of the measure, Internet shoppers are one step closer to losing the “unfair advantage” over consumers who choose to support local merchants. Progress Illinois takes a closer look at the bill and what it could mean for the Prairie State.

Quick Hit
by Ellyn Fortino
3:29pm
Mon May 6
1 comment

Englewood Residents Question TIF Program, Call For More Community Mobilization At Town Hall Meeting

Property taxpayers in Englewood were furious upon learning at a town hall meeting Saturday that their tax dollars had contributed at least $44 million to the Englewood Neighborhood Tax Increment Financing (TIF) District since it rolled out in 2001. According to data from the CivicLab's TIF Illumination Project, some $44 million of taxpayer dollars had funneled to the TIF district between 2001 and 2011.

In 2011 alone, the TIF district siphoned $5 million from property taxpayers in the area, which would have normally gone to local units of government such as schools and parks, according to the CivicLab. 

“The original concept is that (TIFs are) designed to have an impact on blighted areas, and just looking out the window, we know that a blighted area is all around us,” CivicLab's Bill Drew said at the TIF discussion, held at the Chicago Public Library's Hiram Kelly Branch.  Read more »

Quick Hit
by Ellyn Fortino
1:36pm
Thu May 2

New Study Challenges Prominent Business Climate Rankings (UPDATED)

Prominent studies that rank states’ business climates often contradict each other and should not be used to inform public policies, according to a new “Grading Places” report published by the Washington, D.C.-based Good Jobs First.

“There’s no such thing as a state business climate,” said Greg LeRoy, executive director of Good Jobs First, on a conference call with reporters. “One size can’t fit all. Things vary much too much among different kinds of business facilities and among metro areas. There are no silver bullets. There [are] no magic variables.” <--break->

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Quick Hit
by Ellyn Fortino
9:45pm
Wed Apr 24

Tax Fairness Advocates Call For An End To Corporate Tax Deferral

It's time for the public to "tap into their anger" and rally against tax loopholes that allow big U.S. corporations to dodge their fair share of American taxes by stashing profits in offshore havens, said leaders from Citizens for Tax Justice and Americans for Tax Fairness.

Congress is currently entertaining a number of tax reform proposals that seek to lower corporate taxes and provide incentives for sending jobs and profit centers offshore, putting billions of tax dollars at stake over a 10-year period, Frank Clemente, campaign manager of Americans for Tax Fairness, said on a conference call with reporters.

The current debate on tax reform comes at a time when corporate profits are at a 60-year high, yet "some of these companies are paying less in taxes than you and I as individuals pay," Clemente said.

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Quick Hit
by Ellyn Fortino
9:57am
Tue Apr 16

AFL-CIO Launches Updated PayWatch Webpage Tracking U.S. CEO Earnings

The AFL-CIO launched its updated and expanded Executive PayWatch webpage Monday, which tracks CEO pay of some of the largest U.S. companies and highlights the country’s growing wealth inequality.

The site’s new data shows that American business executives continued to do very well for themselves last year, while average workers struggled to make ends meet, said AFL-CIO President Richard Trumka.

“These CEOs really should be ashamed for trying to balance the budget on the backs of American working people, while at the same time demanding corporate tax cuts for overseas profits,” Trumka said on a conference call with reporters. 

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