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Valued Social Butterfly
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Re: Illinois Slams Citizens with 32% Income Tax Hike

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Message 1 of 17

@retiredtraveler wrote:

 As a long-time Illinois resident, we needed the tax increase. But it was too much, too quickly instead of a graduated increase.

   But the 'stink' about this is that there were all kinds of proposals for cutting down on government (we have a great many entities getting state monies) and taking a hard look at various programs. But, as usual, no one wanted to do that. So, we just voted to get a bunch of money in the coffers quickly.

   To top it off, we still have a pension crisis, and it is a true crisis. $125 billion shortfall at this time.


I was born in Illinois, grew up there, had to move away in 1982. I live in Kentucky but have family still in Illinois, I travel there very often, going there this weekend. I am very familiar with Illinois and it's financial woes. Yep, the pension plan shortfall is another one, shared by many states and municipalities. Not funding those plans created the problem. Breitbart isn't worth paying attention to, but RWNJs love to reference to them.


"The only thing man learns from history is man learns nothing from history"
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Valued Social Butterfly
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Re: Illinois Slams Citizens with 32% Income Tax Hike

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Message 2 of 17

Since the Dems are into "wealth redistribution" (via taxing) how does getting rid of Republicans deal with the topic situation?

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Valued Social Butterfly
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Re: Illinois Slams Citizens with 32% Income Tax Hike

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What you see happening in Ill. is just what will happen in the entire US as a result of Reb. Tax policy. Trump gives what he calls a Tax Cut which expands the National Debt. Well as any expert will tell you there is no such thing as a Tax Cut when it increases the National Debt as the Debt has to be paid off. To make matters worse look at the budget passed and signed by the Reb. in Congress and Trump. It further increases the National Debt. If you look at Ill closely I think you will find it was following the typical Reb. Tax policy which lead to the problem we see today. It would seem the pension shortfall is a good example. Any short fall there can be figured out every year, and should be covered in the next years spending. There are years where you can have an overfunding, as well as underfunding so it is possible to set up a reserve fund to cover some of the shortfalls, but the GOP will always want to give that to business or the top tax bracket as a tax cut. How do you solve the problem vote out the people who cause it, and that will decrease the GOP in govt.

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Valued Social Butterfly
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Re: Illinois Slams Citizens with 32% Income Tax Hike

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Message 4 of 17

   Ignoblers are right on top of things....NOT.  The OMFG news has been available since Jan 18.   http://www.revenue.state.il.us/Publications/Bulletins/2018/FY-2018-21.pdf

 

    Hint:  when ignoblers talk only in terms of percentage - be prepared for a nothing burger / distraction.     

PRO-LIFE is Affordable Healthcare for ALL .
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Re: Illinois Slams Citizens with 32% Income Tax Hike

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Message 5 of 17

To top it off, we still have a pension crisis, and it is a true crisis. $125 billion shortfall at this time.

 

Every person in Illinois owes $11,000 for pensions, with no fix in sight


"Illinois failure to address its pension crisis has resulted in further deterioration of the state and cities' financial condition, exorbitantly high borrowing costs, and an inability to address other critical needs at the state and local level," said Laurence Msall, president of the Civic Federation, a Chicago nonprofit that tracks state and municipal finances. "Time is not your friend when your liabilities are compounding and your revenues are not."


The funding shortfall across Illinois's five retirement systems climbed to $137 billion by last June, a jump of about $17.8 billion since 2015, after the government for years failed to made adequate contributions.

 

http://www.chicagotribune.com/business/ct-biz-illinois-pensions-20180509-story.html

 

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Re: Illinois Slams Citizens with 32% Income Tax Hike

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Message 6 of 17

We do need some type of tax adjustment in Illinois.  While I can accept an element of Pritzker's graduated tax brackets, his tax proposal NEEDS TO INCLUDE THE TAXATION OF PENSION INCOME.

 

Let me explain, there are many individuals with pensions in excess of $100,000 a year that are paying ZERO Illinois income taxes. How can this be? 

 

I am a retired person with average social security which is far below $100,000 and an IRA.  My IRA is my pension and this is taxable. 

 

We need fairness in Il taxation in IL.

George
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Re: Illinois Slams Citizens with 32% Income Tax Hike

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SP362--shh--Don't tell the right that their party is to blame for part of this--in their minds it has to be the fault of the Dems, except when the Dems, like Obama, do marvelous things, and then it is denied or twisted.

Gee, I miss having a real President!!
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Re: Illinois Slams Citizens with 32% Income Tax Hike

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Message 8 of 17

@jimc91 wrote:

 

++++++++++++++++++++++++++++++++++++++

 

Tax and spend...  Dems have no plan, no new ideas, no leadership and no clue of what the citizens want from their government.

 

 

 


Uncanny - Once Again We Agree 100%...........................although you left out one very significant detail...............................

 

Even in Illinois - The State Government Knows What it's Corporate Citizens Expect Out of Their Government

 

Corporations & Small Businesses don;t want to have to share the Burden or the Pain

 

State of Illinois Corporate Tax Rate - 7.75% - Flat Rate - Circa January 2017

 

Source - https://www.taxadmin.org/assets/docs/Research/Rates/corp_inc.pdf

 

 

 

 

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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Re: Illinois Slams Citizens with 32% Income Tax Hike

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Message 9 of 17
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Re: Illinois Slams Citizens with 32% Income Tax Hike

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Message 10 of 17

 As a long-time Illinois resident, we needed the tax increase. But it was too much, too quickly instead of a graduated increase.

   But the 'stink' about this is that there were all kinds of proposals for cutting down on government (we have a great many entities getting state monies) and taking a hard look at various programs. But, as usual, no one wanted to do that. So, we just voted to get a bunch of money in the coffers quickly.

   To top it off, we still have a pension crisis, and it is a true crisis. $125 billion shortfall at this time.


"...Why is everyone a victim? Take personal responsibility for your life..."
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