Greg Bishop Illinois News Network Published 4:49 am, Saturday, March 31, 2018 Image 1of/1 CaptionClose Image 1 of 1 Governor opposes raising gas taxes to pay for road work 1 / 1 Back to Gallery Gov. Bruce Rauner opposes an increase in the state’s gas tax as a way to fund any infrastructure upgrades, but details on his plans for projects and how to fund them are light. The Illinois Chamber of Commerce and national transportation research group TRIP say half the roads in Illinois are in bad shape. The groups reported this week that poor road conditions cost drivers across the state an estimated $16.4 billion a year “due to higher vehicle operating costs, traffic crashes and congestion-related delays.” “Illinois’ infrastructure is vital to propel the state forward as an economic powerhouse,” Illinois Chamber of Commerce President and CEO Todd Maisch said in a statement. “From Chicago to the … [Read more...] about Governor opposes raising gas taxes to pay for road work
Tax efficient investments for higher rate taxpayers
The GOP is only days away from proposing what party leaders have suggested will be the boldest rewrite of the nation's tax laws in years -- and Americans remain in the dark about what to expect. Republican officials and the Trump administration have kept tightly under wraps major elements of the plan, from the fate of deductions for mortgage interest and charitable gifts to the treatment of property, state and local taxes, and even to the tax rates that individuals and businesses would pay. "The big question that has to be answered: Is this tax reform, or is this a tax cut?" said Roberton Williams, a fellow at the Tax Policy Center. "Reform means we change the system in a way that makes the system better." A tax cut, however, is "politically easier to do, but it gives away a lot of money," he said. Senate leaders are set to reveal the details of the plan on Sept. 25, at which point bipartisan talks will likely start. The legislation could be passed as soon as this … [Read more...] about 5 issues lurking in the GOP’s tax reform plan
(MoneyWatch) The IRS expects that 75 percent of all 2012 returns will be entitled to a refund, so if you haven't started preparing your taxes yet, do it: There's no reason to wait for April 15 to roll around to get that money back from Uncle Sam. And remember: If you do not file your return by the due date, you may have to pay penalties and interest. Even if you can't meet the deadline, you can file for an extension, which will give you until October 15 to file your 2012 tax returns. Here are some updates before you start to prepare: -- New for tax year 2012, the IRS is providing taxpayers whose incomes are $57,000 or less with "Free File", available through IRS.gov, where a number of tax software companies make their products available for free. Additionally, some states are offering similar options. Electronic e-filing is available to all taxpayers, regardless of income. -- Mailing your return: If you are filing a paper return, you may be mailing it to a different address this … [Read more...] about Tax prep: Don’t miss these juicy credits and deductions
Powered by Interactive Investor ISAs (Individual savings accounts) and pensions are frequently pitted against each other as ways to save for retirement but using a combination of both could be the best option. Pension contributions are the most tax-efficient way of saving for retirement, with tax relief given at your highest marginal rate of income tax. However, the amount you can contribute annually to pensions used to be £255,000 in the 2010-11 tax year, but this allowance has gradually been reduced over the years so that it currently stands at £40,000. Understanding tax relief for pensions A Freedom of Information request from insurer Royal London last year found that the number of people reporting that they had breached the annual allowance limit for pension tax relief rose by 79% between 2012/13 and 2014/15, the latest year for which figures are available. Those who breach the limit face a tax charge to claw back any tax relief they have received on … [Read more...] about Combining ISAs and pensions to save for retirement
DE KALB, Miss. – If coal has a future, it lies here, off a state road lined with churches, crawfish billboards and boarded-up houses. One of the poorest places in America, this is also home to one of the most expensive power plants ever built. The Kemper County Energy Facility is the showcase for the decades-old dream of “clean coal” — the idea that the country’s most important, but dirtiest, power source can be burned with minimal damage to the environment. What Southern Company and its subsidiary Mississippi Power have constructed here over the past five years can rightly be described as an engineering marvel. Fifteen stories of metal scaffolding surrounds a labyrinth of steel, concrete and more than 170 miles of piping. When the Kemper plant starts to burn coal, there will be nothing else like it in the world: Instead of releasing millions of tons of carbon dioxide into the atmosphere every year, it will capture 65 percent of that greenhouse gas and … [Read more...] about Billions over budget. Two years after deadline. What’s gone wrong for the ‘clean coal’ project that’s supposed to save an industry?