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Thread: Illinois Lawmakers Propose 75% Income Tax Hike

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    Illinois Lawmakers Propose 75% Income Tax Hike

    Illinois Lawmakers Propose 75 Percent Income Tax Hike « CBS Chicago – Breaking News, Sports, Weather, Traffic, and the Best of Chicago

    Gov. Pat Quinn and the leaders of both houses of the Illinois General Assembly have agreed on raising the state income tax.

    If the bill passes, the plan would raise the personal income tax rate from the current 3 percent to 5.25 percent. That’s a 75 percent increase. In real dollars, that would mean if you currently owe $1,000 in taxes, next year you would owe $1,750.

    [Senate president John] Cullerton said House Speaker Michael Madigan and Gov. Pat Quinn fully support the tax proposal, although Quinn once promised to veto any increase of that size.

    The governor’s office put out a statement that stopped short of saying the three leaders had reached a final agreement. Rank-and-file legislators said Quinn described the tax plan to them earlier in the day and portrayed it as a deal among all three of the powerful Democrats.

    Democrats say they have no choice but to raise taxes as one part of a solution to Illinois’ massive budget crisis. The state deficit could reach $15 billion in the coming year. The government is borrowing money to cover some obligations, letting bills go unpaid for months and cutting corners everywhere from state prisons to state parks.
    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

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    The'yre also talking about increasing the corporate tax from 4.8% to 10.9% (8.4% rate plus the 2.5% personal property replacement tax).

    Think that will cause more companies to move to our state? Hardly.

    If they at least cut spending, a lot, I could find the personal income tax increase palatable. But, from what i've heard, spending cuts are not something Quinn wants or will approve.
    Last edited by buck; 01-09-11 at 02:33 PM.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by buck View Post
    The'yre also talking about increasing the corporate tax from 4.8% to 10.9% (8.4% rate plus the 2.5% personal property replacement tax).

    Think that will cause more companies to move to our state? Hardly.

    If they at least cut spending, a lot, I could find the income tax increase palatable. But, from what i've heard, spending cuts are not something Quinn wants or will approve.
    They need to follow Canada's lead and eliminate the corporate tax and then they'll attract a ton of business and the sales and income taxes will sky rocket.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by The Prof View Post
    10. Surprised?

    The Prof
    Yes, I am. The Illinois House adjourned without voting on the proposal. This House session has now expired.

    אשכנזי היהודי • Белый Россию

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Tashah View Post
    Yes, I am. The Illinois House adjourned without voting on the proposal. This House session has now expired.
    So what is their solution to the problem? Ignore it and hope it goes away.

    .

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Proposals for all sorts of things wacky or otherwise happen in legislature sessions all the time. I am not sure why this particular one should be newsworthy.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by TOJ View Post
    So what is their solution to the problem? Ignore it and hope it goes away.
    They can't kick this can down the road forever. The new Illinois House will have more Republican members. I'm fairly sure they are going to demand even deeper state budget cuts before agreeing to an increased tax schedule. After decades of mismanagement and corruption, the Illinois/Cook County/Chicago Democrats are discovering that there is no easy way to fix this mess without also paying a heavy political price at the polls.

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by Tashah View Post
    Yes, I am. The Illinois House adjourned without voting on the proposal. This House session has now expired.
    of course it did, the leaders will get hammered if they proceed

    they're still 100% responsible politically for their proposals

    says who they are

    stay up

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    Quote Originally Posted by The Prof View Post
    of course it did, the leaders will get hammered if they proceed

    they're still 100% responsible politically for their proposals

    says who they are

    stay up
    Lol. If you live here, it's no secret at all who they are.

    אשכנזי היהודי • Белый Россию

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    Re: Illinois Lawmakers Propose 75% Income Tax Hike

    then why did they chicken out

    75% hike on state income taxes (in times like these)---pat quinn, john cullerton, michael madigan

    even obama recognizes the day

    Obama Calls Tax-Cuts Deal the 'Right Thing to Do'

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