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Illinois Lawmakers Propose 75% Income Tax Hike

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The Prof

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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.
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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
 
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.
 
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buck said:
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.
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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.
 
The Prof said:
10. Surprised?

The Prof
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Yes, I am. The Illinois House adjourned without voting on the proposal. This House session has now expired.
 
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.
 
TOJ said:
So what is their solution to the problem? Ignore it and hope it goes away.
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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.
 
Tashah said:
Yes, I am. The Illinois House adjourned without voting on the proposal. This House session has now expired.
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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
 
The Prof said:
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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Lol. If you live here, it's no secret at all who they are.
 
Tashah said:
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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Good theory, but unfortunately doesn't translate to reality. Madigan has controlled the State House and the purse strings for 20+ years. And he is untouchable. The grownup solution to our states financial problems would be to reign in spending, but that doesn't get the boys in Chicago re-elected.

So the solution is to squeeze out more revenues. The tax increase will be passed. And will include the comical caveat that it is only temporary and the increase will expire in 4 years ;). But spending isn't going to see any cuts so in 4 years they will legislate that the higher taxes must continue.


New Jersey is the only state we view as serious competition for being the most corrupt state government in the USA. Either "We're Number #1" or mebbe it's a tie.....


.
 
Cole said:
New Jersey is the only state we view as serious competition for being the most corrupt state government in the USA. Either "We're Number #1" or mebbe it's a tie.....
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I really don't care what they do at this juncture. I have property holdings in sunnier/warmer areas of the US. Color me gone.
 
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.
 
TOJ said:
So what is their solution to the problem? Ignore it and hope it goes away.

.
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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!
 
Just another day at the office in Illinois. These folks are so brow-beaten by this, they don't even notice anymore.

Do you think the Obama administration have been surprised that these everyday tactics aren't flying nationally?
 
buck said:
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.
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Illinois manufacturing of the future.

10198_6_Sky%20factory1.jpg
 
I don't feel bad for people in Illinois, they shouldn't have allowed him to be voted in.
 
Erod said:
Just another day at the office in Illinois. These folks are so brow-beaten by this, they don't even notice anymore.

Do you think the Obama administration have been surprised that these everyday tactics aren't flying nationally?
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What everyday tactics do you mention?
 
TOJ said:
So what is their solution to the problem? Ignore it and hope it goes away.

.
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Seems to work in Washington.... those that ignore the most get re-elected.
 
The Prof said:
a 2.25% hit on net income is a 2.25% hit on net income

and they've already been leaving

South gains eight House seats in Census tally - Politics - msnbc.com
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And the Southern States are in a just a big economic hole as Illinois if not worse..

Texas has a 25+ billion deficit out of a budget of 98 billion......... Taxes will be going up in Texas too... or as the Texas righties call it "fees". This is a far far far higher deficit than any European country (with exception of Ireland if you include the bank guarantee).

On top of that, if we look at the tax burden of each state, Illinois is actually at about the same level or LOWER than many southern states, with exception of Texas of course.

Point is, it is far too early to be touting the "southern states" purely based on short term tax levels.
 
no one cares what you're talking about, narcissus

120.8% is doom

sorry

and a 2.25% hit on personal income, on top of federal, property, sales, excise, cap gains, inheritance and other taxes, tolls and fees is a 2.25% hit on personal income
 
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