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View Full Version : Illinois Raises State Income Tax BY 66%!



Franco
01-12-2011, 04:38 PM
The people of Illinois elected these people and deserve thier abuse!

This is what happens when politicians are scared to cut wasteful state spending. They've run out of money for buying votes!

They site Pensions and cost of Healthcare!

"We're saying to the people of Illinois, `For eight years we've overspent, now we're going to make it your problem,'" said Rep. Roger Eddy. "We're making up for our mistakes on your back."

California, are you next?

BonMallari
01-12-2011, 04:46 PM
they have to pay for the corruption in the state political machine..and now with Rahm running for mayor of Chicago....maybe they can get their former US Senator to give them a hand...what was his name ?

zeus3925
01-12-2011, 04:50 PM
When you say your prayers tonight, Franco, thank God you don't live in Illinois. I know I do. My wife had a job offer some years ago from a Fortune 500 company in Chicago she wanted to take. It was a job-or-me moment. Every time I drive through Chitown I thank my lucky stars that I put my foot down on that one.

hotel4dogs
01-12-2011, 04:55 PM
I do live in IL, and pi$$ed as heck doesn't begin to cover it. I also own a small corporation, and those taxes went up by the same amount.
IL is saying they don't want businesses to settle or stay in IL.
There is nothing anywhere in the bill that calls for cutting spending, or increased accountability for spending. Just demands more money to support the huge black hole that is the city of Chicago. All of the collar counties support the city, which continues to suck all resources into its huge maw.
I wish I could tell my customers, oh geez, I overspent the past 8 years, you'll have to start paying me more.
I'm so mad right now if I could sell the business and move to another state I'd do it in a heartbeat.

hotel4dogs
01-12-2011, 04:57 PM
For the record, I did not vote for these people, and I don't think I deserve the abuse.
The city of Chicago with its huge voting population dictates what will happen in the State of Illinois. The area I live in is very hard core Republican, but our votes truly don't matter.



The people of Illinois elected these people and deserve thier abuse!

This is what happens when politicians are scared to cut wasteful state spending. They've run out of money for buying votes!

They site Pensions and cost of Healthcare!

"We're saying to the people of Illinois, `For eight years we've overspent, now we're going to make it your problem,'" said Rep. Roger Eddy. "We're making up for our mistakes on your back."

California, are you next?

Franco
01-12-2011, 05:00 PM
For the record, I did not vote for these people, and I don't think I deserve the abuse.
The city of Chicago with its huge voting population dictates what will happen in the State of Illinois. The area I live in is very hard core Republican, but our votes truly don't matter.

When the number of entitlement recipients out numbers tax payers, this is what happens.

Nate_C
01-12-2011, 05:04 PM
I do live in IL, and pi$$ed as heck doesn't begin to cover it. I also own a small corporation, and those taxes went up by the same amount.
IL is saying they don't want businesses to settle or stay in IL.
There is nothing anywhere in the bill that calls for cutting spending, or increased accountability for spending. Just demands more money to support the huge black hole that is the city of Chicago. All of the collar counties support the city, which continues to suck all resources into its huge maw.
I wish I could tell my customers, oh geez, I overspent the past 8 years, you'll have to start paying me more.
I'm so mad right now if I could sell the business and move to another state I'd do it in a heartbeat.


Actually isn't there a spending increase cap of 2% which is actually less than their cost inflation? If they go over that then the tax hike is automatically eliminated. Also, Ill. state tax is one of the lowest in the region isn't it, even with the hike. Not agreeing or disagreeing with it but it doesn't seem to be ridiculous.

hotel4dogs
01-12-2011, 05:08 PM
They snuck a nifty little provision in there that allows them to increase government programs by 17% over the next 4 years.
Our corporate tax rate is now the 4th highest in the nation. The reason our income tax (so they claim) has stayed fairly low is because we have such high sales and use taxes. Now we get to have both. Yippee.
IL is now closed for business.



Actually isn't there a spending increase cap of 2% which is actually less than their cost inflation? If they go over that then the tax hike is automatically eliminated. Also, Ill. state tax is one of the lowest in the region isn't it, even with the hike. Not agreeing or disagreeing with it but it doesn't seem to be ridiculous.

hotel4dogs
01-12-2011, 05:09 PM
Yes, I believe it was Margaret Thatcher who said that socialism works fine until you run out of other peoples' money.
We have run out.



When the number of entitlement recipients out numbers tax payers, this is what happens.

cpj
01-12-2011, 05:41 PM
Hey Illinois, Indiana thanks you.

Buzz
01-12-2011, 05:47 PM
Actually isn't there a spending increase cap of 2% which is actually less than their cost inflation? If they go over that then the tax hike is automatically eliminated. Also, Ill. state tax is one of the lowest in the region isn't it, even with the hike. Not agreeing or disagreeing with it but it doesn't seem to be ridiculous.

This is interesting. It ranks states by tax burden.


http://money.cnn.com/2009/04/10/pf/taxes/state_tax_rates/index.htm

Marvin S
01-12-2011, 06:01 PM
This is interesting. It ranks states by tax burden.


http://money.cnn.com/2009/04/10/pf/taxes/state_tax_rates/index.htm

WA ranks 35th????????????????? I know there is a lot of money wasted here. In fact I can't name one thing where the taxpayer gets their money's worth.

The graph should read "Which State Wastes the Least"

Uncle Bill
01-12-2011, 06:04 PM
I do live in IL, and pi$$ed as heck doesn't begin to cover it. I also own a small corporation, and those taxes went up by the same amount.
IL is saying they don't want businesses to settle or stay in IL.
There is nothing anywhere in the bill that calls for cutting spending, or increased accountability for spending. Just demands more money to support the huge black hole that is the city of Chicago. All of the collar counties support the city, which continues to suck all resources into its huge maw.
I wish I could tell my customers, oh geez, I overspent the past 8 years, you'll have to start paying me more.
I'm so mad right now if I could sell the business and move to another state I'd do it in a heartbeat.


From what I hear, Wisconsin is 'keeping the light on' for folks like you, and any other Illini wanting to leave Chicago-land. Their new Governor has indicated they intend to LOWER the corporate taxes, in an attempt to encouraging business to move to their state. Hope it can work out for you.

UB

hotel4dogs
01-12-2011, 06:08 PM
anyone want to buy a REALLY nice pet hotel, on 10 acres, great business, lovely house.....

hotel4dogs
01-12-2011, 06:10 PM
Yes, that is interesting, thanks.
This current increase bumps IL to #3. Yippee.


This is interesting. It ranks states by tax burden.


http://money.cnn.com/2009/04/10/pf/taxes/state_tax_rates/index.htm

Buzz
01-12-2011, 06:17 PM
WA ranks 35th????????????????? I know there is a lot of money wasted here. In fact I can't name one thing where the taxpayer gets their money's worth.

The graph should read "Which State Wastes the Least"


You'll note that it still sits quite a few places up the list from South Dakota, and a full percentage point higher. One thing I like about South Dakota, you can keep your taxes down by your choice of lifestyle.

TxHillHunter
01-12-2011, 06:29 PM
You'll note that it still sits quite a few places up the list from South Dakota, and a full percentage point higher. One thing I like about South Dakota, you can keep your taxes down by your choice of lifestyle.

You can do that anywhere with a sales tax Buzz....just don't buy as much! :p

But I get your point about SD....a state I LOVE to visit because there are not so many people to muck things up. Don't get me wrong, I love good folks...and there are many of them here in TX. But there are also a LOT more folks here illegally than there are in SD. I'm not heartless...I get why they want to be here....jobs, family, etc....but I'm not a big fan of paying for the school lunches and health care of those whose parents choose to be here illegally.

Marvin S
01-12-2011, 06:50 PM
You'll note that it still sits quite a few places up the list from South Dakota, and a full percentage point higher. One thing I like about South Dakota, you can keep your taxes down by your choice of lifestyle.

Buzz - as you are good at this, find a graph that shows the amount of Fed money going to each state & post them together. Lets see if there is a correlation ;-). I do know SD gets more back than they pay in Federal taxes :).

Franco
01-12-2011, 08:16 PM
Buzz - as you are good at this, find a graph that shows the amount of Fed money going to each state & post them together. Lets see if there is a correlation ;-). I do know SD gets more back than they pay in Federal taxes :).

What Fed money?

You mean that money we are getting for hocking our country to the pawn shop called Fu Wu Chew?

WE ain't got no $!;-) Not for all thier B.S.

The Fed is just scamming and buying votes!

gman0046
01-12-2011, 09:18 PM
Why would anyone want to live in Illinois? I guess somebody has to. I'll take Florida 47 out of 52 on the Tax Burden Chart.

luvmylabs23139
01-12-2011, 09:36 PM
Why would anyone want to live in Illinois? I guess somebody has to. I'll take Florida 47 out of 52 on the Tax Burden Chart.

Yikes your adding states just like BUMFACE.
Or are you counting that cesspool DC and that money grabbing island?

Buzz
01-12-2011, 11:42 PM
What Fed money?



Come on, you know what point Marvin is making.

Marv, maybe I'll look for the data in the morning. Actually I've looked at it recently. Bedtime now.

hotel4dogs
01-13-2011, 06:18 AM
Because we own property here that will be very hard to sell in today's market. At the moment, I can't think of any other reason....


Why would anyone want to live in Illinois? I guess somebody has to. I'll take Florida 47 out of 52 on the Tax Burden Chart.

Eric Johnson
01-13-2011, 07:45 AM
http://www.npr.org/templates/story/story.php?storyId=125076655

http://tinyurl.com/23bnbvf

Shortfall Threatens Illinois Pension System
by David Schaper

If states could go bankrupt, Illinois might be the first.

State finances are in such a mess that many experts say the "Land of Lincoln" is on borrowed time and money.

One of the biggest issues is a huge unfunded pension liability. According to the Pew Center on the States, Illinois is worst in the nation when it comes to setting aside enough money for its pensions. Its analysis of states' pension funds in 2008 found Illinois had set aside just 54 percent of the money that's been promised to its state workers and retirees.

- more -

What's interesting is a table with the article that shows the top 25 "riskiest" pension funds. Illinois has 2 of the top 10.

There's also an interesting article in The Bond Buyer.

http://www.bondbuyer.com/news/illinois_income_tax_hike_pension_bonds-1022027-1.html

It's a sorry mess that the Illinois politicians have created but the cause is more than just the current crop. It's been building for years.

Eric

Franco
01-13-2011, 08:03 AM
Come on, you know what point Marvin is making.

Marv, maybe I'll look for the data in the morning. Actually I've looked at it recently. Bedtime now.

Yes, I am aware of the point he was making and I wasn't picking on Marvin.

It is just everytime I see Fed Money I go semi-ballistic.

The Fed has no money, it is all borrowed. Our leadership has led us down a path of financial doom and yet they act like nothing is wrong. All they know how to do is buy votes, not create real jobs or implement anything that is to our longterm benefit. They've robbed Social Security, allow Wall St to continue to write our monatary laws and they can't even secure our boarders. Our politicians refuse to be honest with the American people and the poor tax payer is the one being abused the most!