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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 Ockham View Post
    It's not hard to see what will happen... a migration out of Illinois by business and family's.
    I've heard interviews with the Indiana and Wisconsin governors, and they sound pretty darn giddy about the possiblity of businesses relocating from Illinois.
    Last edited by buck; 01-13-11 at 09:59 AM.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by buck View Post
    I've heard interviews with the Indiana and Wisconsin governors, and they sound pretty darn giddy about the possiblity of businesses relocating from Illinois.
    Had a funny article about that in the Chicago Tribune this morning. The Governors in adjoining states are essentially taunting Illinois about how the new taxes will impact where new industries will decide to locate....

    .


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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    New Hit to Strapped States - WSJ.com

    With the market for municipal bonds tumbling, cities, hospitals, schools and other public borrowers are scrambling to refinance tens of billions of dollars of debt this year, another sign that the once-safe market is under duress.

    The muni bond market was hit with the latest wave of bad news Thursday, prompting a selloff that sent the market to its lowest level since the financial crisis. A New Jersey agency was forced to cut the size of a bond issue by about 40% because of mediocre demand, and pay a higher rate than expected. And mutual fund giant Vanguard Group shelved plans for three new muni bond funds, citing market turmoil.

    The market has fallen every day this week, and investors have been net sellers of their holdings in municipal-bond mutual funds for nine straight weeks, according to fund tracker Lipper FMI.

    Yields on 30-year triple-A rated general obligation bonds shot higher to 5.01% on Thursday, reflecting a spike in perceived risk, according to Thomson Reuters Municipal Market Data. The last time those bonds yielded 5% was Jan. 30, 2009, during the financial crisis.

    Amid the selloff, public borrowers such as states and utilities face a wave of refinancing stemming from deals cut mostly during the crisis. The deals involved letters of credit from banks that were designed to keep financing costs down for government entities in need of cash.

    Banks are reluctant to renew the letters of credit in part because of impending rules that restrict the amount of risk they can take.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Sometimes a governor has to govern rather than kick the can on to the next occupant of the office.

    <The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.>

    <"It's important for their state government not to be a fiscal basket case," Quinn told reporters outside his Capitol office.>

    Gov. Quinn promises to quickly sign Ill. tax hike - Yahoo! News
    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
    Sometimes a governor has to govern rather than kick the can on to the next occupant of the office.

    <The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.>

    <"It's important for their state government not to be a fiscal basket case," Quinn told reporters outside his Capitol office.>

    Gov. Quinn promises to quickly sign Ill. tax hike - Yahoo! News
    Raising taxes only works if businesses don't flee. But Illinois can't prevent them from fleeing. Some businesses will flee Illinois because they can get better deals elsewhere. It's just business, nothing personal.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Illinois needs to get rid of EVERY GOVERNMENT PENSION. NOW! Not ONE person in Illinois deserves a pension. Not a teacher not a cop not a fireman not a politician..... NO ONE! Its either that or keep on paying and raising taxes.
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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by donc View Post
    Sometimes a governor has to govern rather than kick the can on to the next occupant of the office.

    <The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.>

    <"It's important for their state government not to be a fiscal basket case," Quinn told reporters outside his Capitol office.>

    Gov. Quinn promises to quickly sign Ill. tax hike - Yahoo! News
    Problem is he (Quinn) essentially did kick the can. The issue is spending, which continues to go up. But Madigan and Cullerton are not going to let any of their precious voting blocs make any sacrifice. So the solution is just more revenue to feed the insatiable monster. And the pensions that Noodle mentions are a huge part of the issue.

    It really is a corrupt mess...


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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by The Giant Noodle View Post
    Illinois needs to get rid of EVERY GOVERNMENT PENSION. NOW! Not ONE person in Illinois deserves a pension. Not a teacher not a cop not a fireman not a politician..... NO ONE! Its either that or keep on paying and raising taxes.
    If your goal is to completely destroy faith in government, that is an excellent suggestion.
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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by buck View Post
    I've heard interviews with the Indiana and Wisconsin governors, and they sound pretty darn giddy about the possiblity of businesses relocating from Illinois.
    some of Wisconsin's taxes are higher than Illinois.
    __________________________________________________ _
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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by haymarket View Post
    If your goal is to completely destroy faith in government, that is an excellent suggestion.
    Of course getting RID of every government pension would be wrong.

    But every single one of them, bar NONE, should be Defined Contribution Plans -- not the sweetheart Defined Benefit Plans they have now. People receiving government pensions are sittin' pretty while Average Joe Taxpayer is taking it up the yang-yang. It's wrong. It's criminal. The politicians who let this happen should be indicted.
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