Chicago Daily Observer

The most alarming thing about Mr. Obama’s proposal is that the $250,000 threshold, above which the payroll tax would be applied, refers to household income, not individual income. So it’s quite deceptive when he claims that the $250,000 threshold will “ensure that lifting the payroll tax cap does not ensnare any middle class Americans.”

Suppose your household consists of you and your spouse, each earning wages of $150,000 per year. Currently, you are each subject to the payroll tax up to $102,000 of wages, so together you are taxed on $204,000. Under the Obama plan, you’d be taxed again on another $50,000 of wages.

The Illinois attorney general’s office, which began an investigation into the business practices of Countrywide Financial Corp. last fall, says it has found enough evidence of wrongdoing that it plans to file a civil suit against the mortgage lender and its chief executive, Angelo Mozilo.

The suit is expected to be filed Wednesday.

In a draft of the complaint, Illinois alleges that the company engaged in “unfair and deceptive practices” in the sale of mortgage loans. The 78-page document says the company loosened its underwriting standards, structured loans with “risky features” and engaged in “marketing and sales techniques” that incentivized employees and mortgage brokers to push loans whether or not homeowners had the ability to repay them.

Two of the world’s leading architects will design temporary pavilions in Millennium Park as focal points for the regional celebration of the 100th anniversary of Daniel Burnham’s influential Plan of Chicago next year.

London-based Zaha Hadid and Ben van Berkel of UNStudio in Amsterdam will create innovative structures that symbolize Chicago’s commitment to cutting-edge design and bold thinking about the future. The temporary pavilions will be centerpieces for the Burnham Plan Centennial, which includes hundreds of educational programs, arts events and open-space projects to recognize the 1909 Plan’s strong influence and to inspire new ideas for the 21st Century.

In a recent comment on a blog post, Paul N. Keller, one of my favorite TIF attorneys, suggested that I haven’t read the state’s TIF act.

Oh my god, that is just, like, so not true. The state’s TIF act is one of my favorite reads. I keep a copy of it by my bed and read a passage every night before I go to sleep. It’s terse, transparent, and immediately comprehensible to anyone with even a rudimentary understanding of English.