Page 8 of 21 FirstFirst ... 67891018 ... LastLast
Results 71 to 80 of 210

Thread: Illinois Lawmakers Propose 75% Income Tax Hike

  1. #71
    Sage


    MaggieD's Avatar
    Join Date
    Jul 2010
    Location
    Chicago Area
    Last Seen
    @
    Gender
    Lean
    Moderate
    Posts
    43,243
    Blog Entries
    43

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by donc View Post
    I don’t know what they are looking for but its not like the state of Illinois is taxing them to death with Corp taxes.

    State...Consolidated. Effective Tax Rate=5. Caterpillar…………..........315……...30,412……...1.04%


    Maybe they are looking to get to zero like Old Republic Intl.........0.00%

    Allstate.............................0.........36, 823........0.00%



    Wuerth While Wily Wakenings: Update on Illinois Big Corps Have Paid So Little in State Corporate Income Taxes
    You did notice they paid almost $2 billion in IL state income tax, right? Maybe "X-State's" adjusted rate would be half that. $500 million isn't exactly chicken feed... (Wisconsin wasn't a good example. Their rate doesn't appear to be much different. And, it's possible, other states will give them other concessions (like property tax relief) that would make a move advantageous to them.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  2. #72
    Sage

    Donc's Avatar
    Join Date
    Sep 2007
    Location
    out yonder
    Last Seen
    12-06-17 @ 09:26 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    9,426

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by MaggieD View Post
    You did notice they paid almost $2 billion in IL state income tax, right? Maybe "X-State's" adjusted rate would be half that. $500 million isn't exactly chicken feed... (Wisconsin wasn't a good example. Their rate doesn't appear to be much different. And, it's possible, other states will give them other concessions (like property tax relief) that would make a move advantageous to them.
    Kinda looks like a race to the bottom to me...sad, hope they don,t off shore.
    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

  3. #73
    Banned
    Join Date
    Feb 2011
    Location
    Los Angeles
    Last Seen
    01-18-13 @ 07:26 PM
    Gender
    Lean
    Libertarian
    Posts
    1,631

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by rathi View Post
    Illinois income tax rate of 3% is considerably lower than most other states. People are unlikely to flee the state if it is raised to 5%, if only because most states are even worse.
    What people are likely to do if their taxes are raised by 2% is that they're going to engage in 2% less commerce. And that's going to shut down marginal businesses and cause other businesses to think again about hiring that assistant.

    Without the necessary spending cuts, the pension reforms, and the contract reforms with the public employees, this tax increase can only be followed by another. If the politicians are emboldened by people not rejecting them and their tax increase in the next election, they're going to raise taxes again. For some politicians and parties its the only thing they know how to do.

  4. #74
    User
    Join Date
    Mar 2011
    Last Seen
    05-02-11 @ 08:45 AM
    Gender
    Lean
    Other
    Posts
    56

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by The Giant Noodle View Post
    Thats what this State has been doing every year! They ignore it and go on as business as usual. Its actually responsible to raise taxes so they can start paying their bills. What would be even BETTER is cutting every single gov't pension. NO ONE should be getting pensions in this economy. And especially not on my dime!
    You wouldn't say that if you had worked thirty years to earn that pension. Typical of the 'have-nots' to be envious of the 'haves'.
    You could have worked for the state & chose not to. Don't be sore that you missed your chance for a government pension. Maybe they should sieze your house to pay off the debt.

  5. #75
    Sage

    Join Date
    May 2009
    Location
    USA
    Last Seen
    Today @ 10:04 AM
    Gender
    Lean
    Conservative
    Posts
    9,812

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by MaggieD View Post
    (Wisconsin wasn't a good example. Their rate doesn't appear to be much different. And, it's possible, other states will give them other concessions (like property tax relief)

    Wi is 7.9% and IL is 9.5%. That's not insignifcant. And WI has just passed tax cuts for corporations that will lower that number for a compnay that moves there, and WI would almost certainly offer other tax benefits to them.
    Last edited by buck; 03-26-11 at 11:08 AM.

  6. #76
    Student
    Join Date
    Jan 2011
    Location
    Chicago area
    Last Seen
    11-06-13 @ 06:56 AM
    Gender
    Lean
    Conservative
    Posts
    234

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by haymarket View Post
    This story is an excellent example of a corporation whipsawing a state using tactics that amount to legal blackmail. It exemplifies why we need one national policy which forbids this very sort of chicanery. We are one nation, one people, one economy with more uniting us that mere state lines on a map. It is well beyond time that we accepted this and made the necessary changes. Or we will forever be subject to corporate blackmail.
    I do not view a corporation exercising its legal right to shop around for the best price (i.e. tax rates) as legal blackmail. After all, like it or not, this one nation, one people, one economy was founded under the principles of the free market and competition. The Federal Government has already done enough damage to the fragile ecosystem with which American businesses currently operate--why give them more power to pollute?

  7. #77
    Student
    Join Date
    Jan 2011
    Location
    Chicago area
    Last Seen
    11-06-13 @ 06:56 AM
    Gender
    Lean
    Conservative
    Posts
    234

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by The Preacher View Post
    You wouldn't say that if you had worked thirty years to earn that pension. Typical of the 'have-nots' to be envious of the 'haves'.
    You could have worked for the state & chose not to. Don't be sore that you missed your chance for a government pension. Maybe they should sieze your house to pay off the debt.
    Please explain exactly why a civil servant should be afforded the privilege of the 'haves'?

  8. #78
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by donc View Post
    hope they don,t off shore
    using a combination of offshore accounts and aggressive lobbying for tax breaks, GE managed to not only pay no taxes, but get a benefit of $3.2 billion
    GE Pays No Taxes - The Daily Beast

  9. #79
    Sage


    MaggieD's Avatar
    Join Date
    Jul 2010
    Location
    Chicago Area
    Last Seen
    @
    Gender
    Lean
    Moderate
    Posts
    43,243
    Blog Entries
    43

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Nevergolfpar View Post
    Please explain exactly why a civil servant should be afforded the privilege of the 'haves'?
    "Civil Servant" is rather demeaning and old-fashioned, don'tcha' think? They're employees. Not servants. Everybody knows how I feel about public sector unions, but to say that we all shouldn't be able to be "haves" is kinda' elitist in my opinion.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  10. #80
    User
    Join Date
    Mar 2011
    Last Seen
    05-02-11 @ 08:45 AM
    Gender
    Lean
    Other
    Posts
    56

    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Nevergolfpar View Post
    Please explain exactly why a civil servant should be afforded the privilege of the 'haves'?
    Simply put, they earned it. Why should their employer get to renege on promises that were made at the beginning of employment?
    The trade-off for lower pay was benefits, including a pension.
    It would be the same as you paying your mortgage for thirty years and the bank owning your home anyway.

Page 8 of 21 FirstFirst ... 67891018 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •