A balanced budget, defined as equality between cash in and cash out from the general fund, is the absolute minimum for fiscal stability. It is legally required, but it is not sufficient for fiscal soundness and resiliency.
Some Illinois taxpayers could be paying nearly 60 percent combined federal and state marginal tax rates if Joe Biden is elected president and Illinois voters approve the graduated income tax. That’s according to the nonpartisan Tax Foundation.
Sheila Weinberg is the Founder and CEO of Truth In Accounting which is a nonpartisan think tank dedicated to providing people with accurate government financial data to help them make informed decisions.
The state Senate Finance Committee unanimously approved legislation that clarifies the treatment of Paycheck Protection Program (PPP) loan forgiveness under the Pennsylvania personal income tax (PIT) law. The measure is supported by the PICPA.