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Public subsidy

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Quick Hit
by Ellyn Fortino
5:21pm
Tue Jun 17, 2014

Report: Walmart Received $104 Million Taxpayer Subsidy For Executive Pay

recent report reveals that Walmart raked in taxpayer subsidies totaling $104 million for its executive pay over the past six years at the same time many of the retailer'slowest-paid workers have had to rely on public assistance to meet their basic needs.

Taxpayers subsidized the pay for top Walmart officials due to what critics say is a loophole that allows unlimited corporate tax write-offs on performance-based compensation for executives.

PI Original
by Ellyn Fortino
1:22pm
Fri May 2, 2014

Report Sheds Light On Taxpayer Subsidies For Restaurant CEO Pay

Some of the largest corporate members of the National Restaurant Association have pulled in hefty taxpayer subsidies for CEO pay at the same time the industry lobbying group has advocated against measures to increase the minimum wage for workers, a recent report from the Washington, D.C.-based Institute for Policy Studies shows. Progress Illinois takes a look at the report's findings.

Quick Hit
by Ellyn Fortino
6:36pm
Fri Apr 11, 2014

Report: TIFs Play A Role In Chicago's Pension Crisis

With the media and public spotlight on Chicago's pension crisis, the non-partisan research center Good Jobs First is turning the attention to the city's controversial tax increment financing, or TIF, program.

In its recent "Putting Municipal Pension Costs Into Context: Chicago" report, the Washington, D.C.-based group asserts that the TIF program has played a part in the underfunding of pensions in the city.

"It's really hard to ignore the evidence that TIF has had some sort of impact on pensions," said Tommy Cafcas, research analyst at Good Jobs First, which works to promote corporate and government accountability.

"We know that TIF costs grew, and they started growing really quickly after 2000. We know that general fund revenues declined ... and we know that the city addressed its budget gap in part by making inadequate contributions to public pensions, so it seems reasonable that TIF plays a role in how the city thinks about addressing the pension issue."

PI Original
by Ellyn Fortino
2:18pm
Thu Mar 13, 2014

Chicagoans, Aldermen Clash On $55 Million TIF Subsidy For McCormick Place Hotel

The Chicago City Council last week agreed to allocate up to $55 million in tax increment financing (TIF) funds for the development of a new Marriott hotel adjacent to the McCormick Place convention center. Progress Illinois details some of what proponents and opponents have to say about the project.

Quick Hit
by Aaron Cynic
5:02pm
Mon Jan 20, 2014

Chicagoans Hold MLK Day Rally, Discuss Socioeconomic Issues & Legislation

    Thousands gathered Sunday at St. Michael the Archangel church on the city's South Side to celebrate and pay tribute to the Rev. Martin Luther King Jr. and also make a call for economic and racial equality. The two-hour-long rally saw dozens of speeches from community organizers, local politicians and others who tied Dr. King's legacy to today's struggles for economic justice.

Quick Hit
by Ellyn Fortino
10:42am
Fri Dec 20, 2013

New Report Sheds Light On Taxpayer Subsidies For Fast Food CEO Pay

recent report from the Institute for Policy Studies (IPS) reveals that fast food companies have been pulling in large taxpayer subsidies for CEO pay at the same time many of the firms' lowest-paid workers have had to rely on public assistance to help cover their basic needs.

Taxpayers have been subsidizing CEO pay for fast food companies and other firms due to a loophole that allows unlimited corporate tax write-offs on performance-based compensation for top executives.

From 2011 through 2012, CEOs of the top six publicly held fast food companies, including McDonald's, Yum! Brands, Wendy's, Burger King, Domino's and Dunkin' Brands, hauled in a collective $183 million in fully deductible performance pay, which comes out to be a total tax break valued at $64 million, according to the report.

PI Original
by Ellyn Fortino
6:11pm
Wed Nov 13, 2013

Chicago Aldermen Fail To Discharge TIF Surplus, Elected School Board Proposals From Rules Committee

The Chicago City Council's Progressive Reform Caucus made an effort Wednesday to bring up for a full vote two pieces of legislation that have been stuck in the Rules Committee for months, but their efforts were thwarted. Progress Illinois was at Wednesday's city council meeting and details how the attempt flatlined.

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