Article

2017-07-03 Government

Flight from Illinois to Continue as House Approves Historic 32% Tax Increase

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Posted by Besoeker 2017-07-03 02:19|| || Front Page|| [9 views ] Top

#1 ...A massive tax hike that will do nothing but insure people have to leave Illinois to look for work, because their employers will have been run out of the state.

Dear God, what is it with the Democrats? Even a flatworm knows to turn away from pain, but these people just seem intent on inflicting more and more upon themselves.

Mike

Posted by Mike Kozlowski 2017-07-03 05:21|| 2017-07-03 05:21|| Front Page Top

#2 Let's be honest. Illinios problems stem from primarily from being the host to that parrasite called Chicago

Posted by Cheaderhead 2017-07-03 05:50|| 2017-07-03 05:50|| Front Page Top

#3 Business, industry, and wage earners have been leaving Illinois for more than 50 years. The corrupt Democratic machines and politicians in Chicago, Peoria, and a few of the other larger cities are responsible. Fiscal conservatism is the answer, not more taxes.

Illinois is a poster child for what ails the nation.

Posted by Besoeker 2017-07-03 05:53|| 2017-07-03 05:53|| Front Page Top

#4 Only if it holds hands with California on that poster, Besoeker.

Posted by g(r)omgoru 2017-07-03 06:01|| 2017-07-03 06:01|| Front Page Top

Highlighting downstate neglect:

The bridge over the Wabash connecting Illinois Route 14 and Indiana Route 66 at New Harmony was completed without federal funds in 1932. At it's opening, a bridge toll of $ .05 was charged due to 'bad times in the economy.' The toll was to be lifted when 'things got better.' The bridge was condemned and closed a few years ago. The toll at closure was $1.00. Evidently things....'never got better.'

Posted by Besoeker 2017-07-03 06:18|| 2017-07-03 06:18|| Front Page Top

#6 A little further upstream on the Wabash, take a ride on the Cannonball Bridge connecting St. Francisville, IL and Vincennes, IN. It was built in 1906 for the 'Big Four Railroad.' The center section rotated on big gears to allow the passage of steam boats. Closed in the late 1960's and bought by a local farmer, it was reopened with a toll of $1.00.

Posted by Besoeker 2017-07-03 06:48|| 2017-07-03 06:48|| Front Page Top

#7 No state constitutional amendment to cap pensions? When you go TU, it'll happen anyway. Just no courage to do it yourself. You don't deserve self rule if you are depending/expecting others to do your job. In the end its Unions vs the People. No way around it. In the end there can be only one.

Posted by Procopius2k 2017-07-03 07:22|| 2017-07-03 07:22|| Front Page Top

#8 No state constitutional amendment to cap pensions?

Not even on a good day, P2k. The 'pensioners' (existing and potential) have had a firm grip on both sides of the aisle in Springfield for decades.

Posted by Mullah Richard 2017-07-03 07:40|| 2017-07-03 07:40|| Front Page Top

#9 Well to be honest, the only the demoncrats know how to do it raise taxes. They are the scorpion.

Posted by DarthVader 2017-07-03 08:29|| 2017-07-03 08:29|| Front Page Top

#10 late on Sunday evening the Illinois House approved the most controversial element of a budget package, a tax hike which will increase the income tax rate by 32% from 3.75% to 4.95%, and the corporate income tax rate from 5.25% to 7%, to try and end a historic budget impasse.

Should this pass and become law, any guesses on how long it will take to return to the same financial state they are in now?

Posted by JohnQC 2017-07-03 09:45|| 2017-07-03 09:45|| Front Page Top

#11 It will pass and become law. The governor's veto will be overriden. Any future recovery due to tax increases will likely be offset by business and private departures from the state. Raising taxes is never the answer. Wen the bond ratings and borrowing ability went south, so did and chance for their financial survival. It's been coming along for decades, this should be interesting to watch.

Posted by Besoeker 2017-07-03 10:18|| 2017-07-03 10:18|| Front Page Top

#12 I have a lot of retiree friends (including from the Public Sector) that live in Illinois.

The private sector folks are kind of worried that one of the next steps might be asset forfeiture/nullification (as in anything held in local state or municipal bonds). I've been telling them for years that those were horrible investments, but there must be something in the water as the advice was mostly unheeded.

Private leases/usage agreements for public lands might bear review too, as these might be sold out from under the lessee.

The Public Sector retirees are worried that their pension disbursements will be delayed or withheld completely, having been seized as payment for Illinois' existing past-due debts. Since the state pension plans are woefully underfunded (in some cases at 20% or less), it's a possibility the plans will no longer exist.

The 32% rate increase on 'working' people wouldn't be enough to support the existing pension outlays with no real benefits beyond that. It's just Chicago/Springfield (D) kicking the can down the road again.

Posted by Mullah Richard 2017-07-03 11:30|| 2017-07-03 11:30|| Front Page Top

#13 Is the cited income tax rate of 4.95% an average, a top rate or is there just one? If it's the top rate it will still be lower than a lot of states.

Posted by Glenmore 2017-07-03 14:06|| 2017-07-03 14:06|| Front Page Top

#14 State personal income tax is currently 3.75% Flat Rate, Glenmore.

Lower than some other states for sure, but the sales taxes (6.25% state + County + Local) and plenty of other delightful county and municipal 'fees' more than make up for the seemingly lower state rate.

Posted by Mullah Richard 2017-07-03 15:43|| 2017-07-03 15:43|| Front Page Top

#15 CA has state income tax of ~13% with sales tax (state plus local) 7-9%

NY has state income at ~9%, sales (S+L)~8-9%

IL has lots of fees on top of their income+sales, e.g., their vehicle registration fees are higher than either NY or CA

Posted by lord garth 2017-07-03 17:51|| 2017-07-03 17:51|| Front Page Top

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