Last edited by The Prof; 01-11-11 at 10:29 AM.
It passed the house and is just waiting a senate vote.
Clout St: Illinois House passes major income-tax increase
Boston = City of Champions: Bruins 2011; Celtics 2008; Red Sox 2004, 2007; Patriots 2002, 2004, 2005
Jon Huntsman for President
It's not hard to see what will happen... a migration out of Illinois by business and family's.
“I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.
Yes and yet those with mostly domestic debt in Europe are under attack by speculators.. Belgium and Italy.. go figure. Italy has a debt vs GDP ratio of 117% but most of that debt is domestic held. Italians have a very high savings rate and they spend those savings by buying Italian debt... much like the Japanese.however, today, the U.S. and many European countries with high debts have a significant about of external debt.
Again depends on the country. Japanese debt is mostly domestic, since Japanese save instead of spend (which is an economic problem). The same goes for Italy and Belgium and actually many other European nations. Then there is Greece (lied about its economy), and Ireland (bailed out bloated banks 100%). Portuguese is about average in the EU on debt vs GDp and Spain is considerably under average in debt ratios. The US in 2010 should pass Spain and even Portugal in debt vs GDP.I haven't seen the exact numbers, but it seems pretty clear that while the U.S. has far more external debt than Japan, it is less than that of several European states that are currently experiencing troubles... hence the financial markets' concern...
But on topic again.. Illinois needs to get rid of the structural problems and balance taxes and spending.. there is no other way. But at least they are admitting they have a problem.. unlike some other states (mostly red states).
some more irrelevant and misleading (to the topic) links:
dec 23: Portugal's debt rating downgraded
dec 15: Rating agency warns of Spain credit downgrade - Yahoo! News
meanwhile, in illinois the 66% tax hike passed the senate, a done deal, governor quinn was on the floor:
Illinois Lawmakers Approve 66% Tax Hike « CBS Chicago – Breaking News, Sports, Weather, Traffic, and the Best of Chicago
even obama disagrees:
Obama Calls Tax Cuts the 'Right Thing to Do'
Last edited by The Prof; 01-12-11 at 09:47 PM.
The Democrat solution to everything is either another or higher taxes, with little or regard and no understanding for any type of economic reality.
In this case it's it's Illinois and we all know that corruption does not come cheap.
Last edited by buck; 01-13-11 at 08:55 AM.