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Thread: Illinois Lawmakers Propose 75% Income Tax Hike

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Simon W. Moon View Post
    They're having some sort of a referendum and that referendum owes $4bil?
    no, silly, the pensions

    4B short

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Simon W. Moon View Post
    5.25% doesn't seems so bad when compared to other states.
    tell it to oberhelman

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Simon W. Moon View Post
    The Tax Foundation - State Individual Income Tax Rates, 2000-2011

    5.25% doesn't seems so bad when compared to other states.
    What does the 5.25% relate too? That certainly isn't the illinois corporate income tax. Illinois corporate tax rate is 7% + 2.5% personal property replacement tax for a total tax rate of 9.5%.

    It's scheduled to drop to 5.25% in a couple of years - but since no spending has been cut, I wouldn't expect it. I know no one here (in Illinois) believes it will ever be dropped. Even the biggest dem supporters I know realize it's not true.
    Last edited by buck; 03-26-11 at 03:51 PM.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by buck View Post
    What does the 5.25% relate too? That certainly isn't the illinois corporate income tax. Illinois corporate tax rate is 7% + 2.5% personal property replacement tax for a total tax rate of 9.5%.

    It's scheduled to drop to 5.25% in a couple of years - but since no spending has been cut, I wouldn't expect it. I know no one here (in Illinois) believes it will ever be dropped. Even the biggest dem supporters I know realize it's not true.
    From post #86.

    < Friday, January 28, 2011>
    <Update on Illinois Big Corps Have Paid So Little in State Corporate Income Taxes>

    State...Consolidated. Effective Tax Rate=Caterpillar…………..........315……...30,412……...1 .04%
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by donc View Post
    From post #86.

    < Friday, January 28, 2011>
    <Update on Illinois Big Corps Have Paid So Little in State Corporate Income Taxes>

    State...Consolidated. Effective Tax Rate=Caterpillar…………..........315……...30,412……...1 .04%
    I can't help but point out that that rate represents a tax bill of $1.9 billion. Not chump change...
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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by MaggieD View Post
    I can't help but point out that that rate represents a tax bill of $1.9 billion. Not chump change...
    Cats market cap is $69.69B,about a weeks pay for them.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by donc View Post
    Cats market cap is $69.69B,about a weeks pay for them.
    I have yet to see any liberal talk about spending but they have no problem talking about taking someone one else's money. We are in a sad state when that happens. There is an obvious difference between a liberal vision of govt. and a conservative vision. The conservative vision is smaller govt. and less spending whereas the liberal version hasn't seen a dollar that it won't spend.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Conservative View Post
    I have yet to see any liberal talk about spending but they have no problem talking about taking someone one else's money. We are in a sad state when that happens. There is an obvious difference between a liberal vision of govt. and a conservative vision. The conservative vision is smaller govt. and less spending whereas the liberal version hasn't seen a dollar that it won't spend.


    Do you have anything to add to the subject that we were discussing? Which was Corp tax rate.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by donc View Post
    Cats market cap is $69.69B,about a weeks pay for them.
    Market cap has little to do with the topic being discussed.

    Gross Profit: 11.31B

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by donc View Post
    Do you have anything to add to the subject that we were discussing? Which was Corp tax rate.
    That is exactly what I am talking about taking money from corporations without identifying spending problems. You don't have a problem with that? your vision for the role of the govt. seems to be one of spending, spending, and spending all in the name of compassion. Where are those compassionate results? Looks to me like all you are creating is an entitlement mentality that promotes dependence. Corporations can do more with their money than the govt. does with it.

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