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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 VanceMack View Post
    Provide the people a full and open accounting of current expenditures. Set goals first on spending deductions and cuts. COmmit via legislation to those cuts, then turn to taxpayers with a one time increase or decrease base on those cuts and the actual budget.
    Problem is "the people" tend to form their voting decisions around 30 second distorted soundbites. And not to sound melodramatic, but the "Chicago Combine" has a pretty good control on who wins anything in their realm.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Last edited by The Prof; 01-11-11 at 11:29 AM.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    It passed the house and is just waiting a senate vote.

    Clout St: Illinois House passes major income-tax increase

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by VanceMack View Post
    Provide the people a full and open accounting of current expenditures. Set goals first on spending deductions and cuts. COmmit via legislation to those cuts, then turn to taxpayers with a one time increase or decrease base on those cuts and the actual budget.
    Is that their solution or just your fantasy?

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by PeteEU View Post
    Yes I do, but since you are selective in your reply... what doom has happened to Japan with 200%+ debt vs GDP and the US after WW2? As for the US atm, it is going just fine since the markets are show confidence towards the US.
    Japan's current debt and U.S. post-WWII debt is/was predominantly domestically held... the holders of the debt have a direct stake in making sure the system continues as they are citizens of that system... however, today, the U.S. and many European countries with high debts have a significant about of external debt. 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...
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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    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.


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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by ludahai View Post
    Japan's current debt and U.S. post-WWII debt is/was predominantly domestically held... the holders of the debt have a direct stake in making sure the system continues as they are citizens of that system...
    I know.. question is if The Prof knows that. You see he never answers questions and just posts the link after link with irrelevant and miss-leading (to the subject) information.

    however, today, the U.S. and many European countries with high debts have a significant about of external debt.
    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.

    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...
    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.

    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).
    PeteEU

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    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 10:47 PM.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    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.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Councilman View Post
    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.
    The promised deals have begun to come out. Some lame duck congressmen were offered jobs in exchange for their vote. The congressmen that managed to keep their seats were allegedly offered better redistricting to help their reelections for their votes.
    Last edited by buck; 01-13-11 at 09:55 AM.

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