Residents of Illinois got more than a new calendar on January 1 - - they received 150 new laws to worry about in 2013. While the new laws may not be as numerous as past years, they do bring with them increased taxes, higher rates and added surcharges. Taxpayers and commuters will want to check the new laws to see how they will affect their wallets. For more about the new laws you can read “A New Year Brings 150 New Laws to Illinois” and view a complete list of the laws for yourself. … [Read more...]
Facts about the Fiscal Cliff
January 1, 2013 by
With the fiscal cliff just days away, taxpayers are wondering how the government’s failure to compromise will affect their budgets. Tax increases and federal spending cuts are scheduled to take affect January 1 and will effect consumer spending. Middle-income families could see a $3,500 loss of income due to the increased taxes caused by going over the “fiscal cliff.” In addition to income taxes, the fiscal cliff will affect unemployment benefits, federal spending and the debt ceiling. For … [Read more...]
Chicago and Cook County residents face higher rates in 2013
December 31, 2012 by
As the country deals with the effects of nearly going over the “fiscal cliff”, residents living in Chicago and Cook County face local increases in several fees and taxes. Chicago water bills will increase during 2013 as will property taxes and parking meter rates. Cook County residents will see tax increases for smokers and those purchasing guns. Some businesses will also face increased taxes in the New Year. To see how you will be affected in the New Year by new taxes and rates, read the … [Read more...]
Chicago parking rates scheduled to go up again
December 28, 2012 by
Chicago can now take another national title - - the most expensive place to park your vehicle. In another annual increase authorized by the 2008 lease of the city’s meters, the loop rates will go up another seventy-five cents on January 1. Drivers will now pay $6.50 an hour to park. Neighborhoods near the loop will see a quarter increase in parking rates bringing the hourly rate to four dollars. Officials stated they hope to have all meter boxes adjusted by the end of February. For more … [Read more...]
Chicago teachers sue city of lost jobs
December 28, 2012 by
The Chicago Teachers Union filed a lawsuit in the U. S. District Court for the Northern District of Illinois alleging discrimination on behalf of three former teachers. The teachers were fired in the latest round of school closings and turnarounds. The suit alleges that more than half of the teachers that lost their jobs under Mayor Emanuel’s push to reform underperforming schools were African-American. It alleges that the while schools in minority neighborhoods are being closed, new nonunion … [Read more...]
New bonds for Clare Oaks approved as part of restructuring plan
December 27, 2012 by
The Illinois Finance Authority approved $90 million in new bonds for Clare Oaks as part of a reorganization plan approved by the U. S. Bankruptcy Court earlier this month. The bond exchange was part of the bankruptcy reorganization plan proposed by Clare Oaks and was approved by existing bondholders over a sale of the retirement community. As part of the bond exchange, bondholders will lose about $23 million on the nonprofit retirement home. For more on this story read, “Bondholders out $23 … [Read more...]
Motorola’s CEO talks about doing business in Chicago
December 26, 2012 by
Motorola’s CEO, Greg Brown, granted an interview with Crain’s last week to discuss doing business in Illinois, and specifically Chicago. In addition to commenting on the economic state of Illinois and Chicago, Brown answered questions about the fiscal cliff, spending cuts and tax increases nationally. He also offered his opinion about how President Obama could improve his relationship with big business and how 2013 looks for those still searching for employment. For more of the interview … [Read more...]
Public unions willing to pay more taxes
December 21, 2012 by
In a counterproposal to legislation regarding the state’s underfunded pension system, a coalition of public employee unions has offered to pay more taxes and increase contributions. In return for this agreement, the unions want the state to guarantee retirement payments and end corporate tax benefits. The unions also call for imposing new taxes to raise revenues. This is the first comprehensive offer by the union coalition to help alleviate the pension crisis facing the state. You can read … [Read more...]
Video game company files for Chapter 11 relief
December 20, 2012 by
THQ, Inc., which is best known for its wrestling games and “Saints Row” games, has been struggling financially for some time. It had already cut costs by shutting down parts of its business operations and cutting staff. However, it was not enough to keep the company for filing for bankruptcy relief this week. THQ states that it will sell its business assets through the bankruptcy. An investment firm, Clearlake Capital Group, has already offered to buy the assets. One of THQ’s U.S. studios … [Read more...]
Kodak sells patents to well-known companies
December 20, 2012 by
As part of its deal to obtain $830 million in financing, Eastman Kodak Co. has entered an agreement with several companies to sell its digital imaging patents. The sales price for the patents is approximately $525 million. Some of the well-known technology companies involved in the purchase include Adobe Systems Inc., Apple Inc., Microsoft Corp and Samsung Electronics Co. Ltd. The sale of the patent portfolio took longer than expected; however, with the patent sale Kodak expects to exit … [Read more...]
