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Thread: Illinois Lawmakers Propose 75% Income Tax Hike

  1. #201
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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Whovian
    They are not picking winners and losers... they are getting more business into the state, creating more jobs, increasing tax revenue (even with the 'deal', it's still more tax revenue than the state would otherwise have had).

    The state gets money.
    the citizens get jobs.

    Win/win
    Quote Originally Posted by haymarket View Post
    Until some other state decides to sell their favors on the corner even cheaper when the selected tax breaks for the pet company expire down the road. So the first company got a free ride at taxpayer expense and are now waving their middle finger in a goodbye salute when they slink away to some other suitor who promises more.

    And in the meantime, other companies have to compete against governments pet and have a distinct disadvantage. Some system you got there. Adam Smith would roll over his his grave.
    Yes, it's certainly much better to NEVER get increased revenue from a company relocating into your state, or to have an increase in jobs, if it's only going to be an increase for a few years.

    **** you businesses! We don't want your 3-5 years worth of increased tax revenue. We don't want your 3-5 years of increased jobs. Go give that temporary **** to some other state!

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Conservative View Post
    Most states understand the benefits of bringing new business and taxpayers to their particular state and most businesses in those states probably already received many of the benefits offered by the state. There is no evidence that all businesses don't have the same opportunities for start up benefits in the states. Moving isn't cheap and no existing business has those start up expenses. You really don't seem to understand how business works. Why would an existing business want the start up costs that new businesses have that are being offered to entice businesses to their area?
    The so called NEW TAXPAYERS are being given tax breaks, tax abatements, tax holidays and costing the state in infrastructure improvements and other costs.

    Everyone needs to pay their share. We need a national policy which stops local governments from being the cheapest whores on the street.
    Last edited by haymarket; 03-28-11 at 06:37 PM.
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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by haymarket View Post
    The so called NEW TAXPAYERS are being given tax breaks, tax abatements, tax holidays and costing the state in infrastructure improvements and other costs.

    Everyone needs to pay their share. We need a national policy which stops local governments from being the cheapest whores on the street.
    Everyone needs to pay their share? So you have a problem with the 47% of the people earning income not paying any Federal Income taxes? Glad to hear that. New Businesses are being given a tax break and that tax break is available to any new business relocating to TX. No business is being denied that opportunity. If you are already here then you are already benefiting from the economy of the state and not subject to the high cost of moving and relocating your operations here.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by haymarket View Post
    having seen corporations travel like ladies of the night from customer to customer only staying long enough to get the money and then move on to the next one in line with even more.
    Can you provide an example of a business that did this? It won't change my opinion at all, but i've not heard of businesses doing this and kind of doubt you have either. There are real and substantial costs to moving a business, so I highly doubt this would be very beneficial to the company.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    today:

    Illinois chief fiscal officer said Monday he is willing to dial up the bond houses and finance companies to alert them that lending the state more money, as Gov. Pat Quinn has proposed, would be a "major risk."

    ' 'If I need to send letters to the rating companies to tell them the treasurer of Illinois is opposed to more borrowing, I'm going to do that," said Republican Treasurer Dan Rutherford.

    Quinn, a Democrat, warned that without borrowing vendors and service providors would be left unpaid. In a statement, he challenged Rutherford to identify schools, state vendors and non-profits that should "continue to operate -- or close their doors -- while they wait for payment from the state."

    The backlog of unpaid bills will reach $8 billion by July, Comptroller Judy Baar Topinka recently estimated.

    Rutherford says the debt from past borrowing has soared to $45 billion in recent years, which amounts to $10,000 for every household in the state. As a result, Illinois has the second-worst credit rating in the nation, above only California, he added.
    Treasurer says he would call bond houses, warn against lending to Illinois

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by The Prof View Post
    Illinois Lawmakers Propose 75 Percent Income Tax Hike CBS Chicago – Breaking News, Sports, Weather, Traffic, and the Best of Chicago



    1. The democrat SOLUTION in the Land of Lincoln.

    2. A 2.25% hit on personal income ON TOP OF whatever workers owe in FEDERAL income taxes.

    3. Governor Quinn won reelection on Tsunami Tuesday by a whisker, 46.5% to 46.2.

    4. What would be the results if the election were held TODAY?

    5. Illinois' condition is INTENSIVE CARE.

    6. January 3: Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce - Bloomberg

    7. Public pensions plague the plebiscite, 4 billion dollars in arrears.

    8. The democrat answer: mom and pop are just gonna have to make it up.

    9. Illinois was one of the all blue states to lose representation via the 2010 census, people are fleeing the flatlands.

    10. Surprised?

    The Prof
    You know damn well that Obama wouldn't have voted "Present" for this one!
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Illinois is a good example as to why State balanced budget requirements are little more than hollow gimmicks. Even during periods of "balanced budgets" state government debt, especially unfunded liabilities that are off the balance sheet, have been mounting. IMO, Governor Quinn should take a number of steps:

    1. Propose a two-year budget, with annual components, that reaches balance at the end of that timeframe; gimmicks ie., balancing a budget through borrowing, balancing the budget only because major drivers of debt are kept off budget, should be avoided. In fact, to maximize credibility, the governor should dissociate from the hollow mechanisms that led to a false sense of fiscal health in the past.

    2. Significant spending reductions should be frontloaded to begin to re-establish credibility.

    3. Investments should be given priority in being safeguarded, given the future value that they create, but some investments will also need to be reduced.

    4. The situation where a broad slice of the potential tax base escapes taxation should be remedied and no new tax abatements should be issued. In exchange for broadening the tax base, tax hikes could be kept more modest.

    5. Phased-in financial statement reform: Items typically kept off the balance sheet should gradually be moved onto the balance sheet. Immediately, annual costs associated with such items should be recorded as "on budget" and an annual charge related to the transition of off balance sheet items to on balance sheet status should be recorded in the budget.

    6. Meaningful cuts in the net exposure to the major off balance sheet items should be implemented, including but not limited to future health and pension benefits currently estimated at $140 billion (those currently receiving pensions should be held harmless if possible, though a modest "hair cut" should not be ruled out). By net exposure, I'm talking about reducing the benefits promised, raising the age limit for pensions, and increasing individual pension/health contributions so as to make the programs fiscally sustainable. An emphasis should be placed on trying to minimize the impact on current retirees and perhaps, if possible, near-term future retirees. Pensions that were the result of practices such as "spiking" should immediately be re-adjusted to reflect earnings excluding the final year earnings spike and, if legal challenges arise, the individuals who engaged in spiking and those who abetted it should be pursued for pension-related fraud.

    7. A quasi-independent fiscal board should be created to provide transparency in the state's finances and to provide realistic macroeconomic assumptions on which a budget is based. The governor should have no influence over this board. Given Illinois' past lack of fiscal credibility, such a board is both necessary and appropriate.

    8. The state should roll over its existing debt to capitalize on current abnormally low interest rates. But such a maneuver would provide modest relief. It would not be a substitute for the above fiscal consolidation and structural changes necessary to put the state on a sustainable fiscal course.

    At present, Illinois would be characterized as a "speculative unit" under the Minsky methodology. In such a situation, Illinois' cash inflows do not cover its cash payment commitments arising from debts (in Illinois case, the unfunded liabilities), even as the state can cover its interest payments. As a result, Illinois continues to add to its debt. A Ponzi situation would evolve were the state unable to generate sufficient revenue to cover its interest costs. A prolonged absence of significant fiscal reform under which it largely pays its obligations via borrowing (current practice), as well as sustains a continuing increase in its unfunded liabilities, could lead to a general and significant rise in the state's borrowing costs. Were a dramatic spike in interest rates to occur, that outcome could threaten to push the state toward a Ponzi situation.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    One additional note about the failure of the balanced budget illusions in state and local governance:

    During the following timeframes, state and local government debt increased at the following multiple of nominal GDP:

    1995-2000: 0.44
    2000-2005: 1.86
    2005-2010: 1.97

    In other words, during the 2000s, state and local government debt had been increasing at a rate of nearly $2 for every $1 increase in national output. In practical terms, that means that state and local government borrowing has been growing faster than their overall tax base. In the long-run, that is an unsustainable situation.

    Fiscal consolidation in such states as New Jersey did slow the trend in the past year, but fiscal consolidation has been uneven. Moreover, it should be noted that the above debt figures do not reflect present value changes in unfunded health and pension liabilities, so the picture presented is more benign than it actually is once changes in those off balance sheet obligations are recognized.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    today:

    The company that owns Chicago's two leading futures exchanges is weighing whether to move some operations from Illinois, citing the state's corporate tax rate increase.

    "We're investigating what would be in the best interests of our shareholders," Terrence Duffy, executive chairman of CME Group Inc., said at the firm's annual meeting Wednesday, noting that such a move would not mean CME would abandon its presence in Chicago, home to its markets for more than a century.

    The state in January raised the corporate income tax rate temporarily to 7 percent from 4.8. Corporations also pay a 2.5 percent tax on income, called the personal property replacement tax, which is collected by the state and flows to local governments. The two rates taken together come to 9.5 percent, the third-highest rate in the U.S., according to the Tax Foundation, a non-partisan Washington-based research group.

    The company estimates the hike will cost it about $50 million a year.

    Gov. Quinn was unclear if he has met with Duffy on the issue, calling him a "good friend" and saying they engage in an "ongoing conversation and dialogue."

    "I really believe that the best place for these markets is right here in Illinois, in Chicago," Quinn said. "I am sure we can work together. I do that with all kinds of businesses, large and small...If somebody has a particular issue or concern or interest in something, we sit down with them and work it out."

    CME's threat comes at a time when other Illinois companies, including Caterpillar and Sears Holdings Corp., have raised the possibility of leaving Illinois. Other states have tried to dangle lucrative incentive packages to lure companies, and Illinois has offered up many incentives to successfully retain big companies including Motorola Mobility. The result has resembled a national bidding war for some of Illinois' top companies.

    A CME [chicago mercantile exchange] move would send shockwaves through the local economy. Of the company's 2,600 employees, about 2,000 work in Illinois. But the presence of the exchanges has a broad ripple effect, with some estimating it's the source of another 60,000 to 100,000 jobs in law, accounting, trading and banking companies.
    CME Group eyes Illinois exit; Emanuel confident it will stay - chicagotribune.com

    waivers, anyone?

    party on, progressives

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    today:

    CME Group Inc. is evaluating whether to move some operations to other states from Chicago to reduce its taxes, but it has not decided on an exact timeline, CEO Craig Donohue said Thursday.

    "Our tax situation is untenable," Donohue told Reuters, noting that CME is taxed more heavily than any of its global competitors. The company is talking with at least three states -- Texas, Florida and Tennessee -- about relocating some of its business to take advantage of lower tax rates there, Donohue said.

    Chicago Board of Trade CME has been based in Chicago since the founding of its oldest market, the Chicago Board of Trade, in 1848.
    CME Group calls tax situation 'untenable;' says it may exit state - chicagotribune.com

    some "60,000 to 100,000 jobs in law, accounting, trading and banking companies," according to the trib, are at stake

    build a wall

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