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Honored Social Butterfly

Illinois Slams Citizens with 32% Income Tax Hike

Bankrupt Illinois Slams Citizens with 32% Income Tax Hike, More to Come

 
 
 
 
 
As the state of Illinois edges near becoming the first U.S. state to ever be rated junk bond status, the Democrat-controlled legislature of the bankrupt state of Illinois has just voted to slam its citizens with a hefty 32 percent hike in state income taxes.

After a series of delays, as a legislature obviously embarrassed by its own actions dithered, the State House finally approved of the Senate’s override of the governor’s veto with a 71-42 vote, burdening the state with a massive income tax hike. It was a vote that saw ten of the state’s Republican contingent abandon Republican values and join the Democrats in approval.

 

Thursday’s vote permanently increases the state’s personal income tax rate from 3.75 percent to 4.95 percent. It also raises the burden on businesses, raising the rate from 5.9 percent to seven. It all amounts to a 32 percent hike for the average Illinoisan and a $5 billion tax hike overall.

 

The new tax hike is all the more galling because Illinois already has the highest property taxes in the nation, a fact that often forces retirees out of their homes to flee to other states. This is also a situation not lost on the state’s black American population, either. Illinois is witnessing a growing number of its African-American citizens moving out of the state, with Chicago and Cook County residents leaving at the fastest rate.

 

On Thursday, Illinois Democratic House leader Michael Madigan only needed three Republicans to jump ship and vote his way, but not only did he get a whopping ten to do so, he also got five others who didn’t even bother to vote. An additional five joined him in the early rounds of deliberations, so Democrat Madigan knew he had the Republican votes going into the matter.

 

READ MORE HERE:  

 

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

 

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

 

 

 

VIMTSTL
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Honored Social Butterfly

Illinois Slams Citizens with 32% Income Tax Hike

 

Thursday’s vote permanently increases the state’s personal income tax rate from 3.75 percent to 4.95 percent.

 

The national average is around 6%,  so 4.95% is actually low for state personal income tax.

 

It's easy to see why they were going broke, their tax rate was to low.

 

 

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@jimc91 wrote:

Bankrupt Illinois Slams Citizens with 32% Income Tax Hike, More to Come

 
 
 
 
 
As the state of Illinois edges near becoming the first U.S. state to ever be rated junk bond status, the Democrat-controlled legislature of the bankrupt state of Illinois has just voted to slam its citizens with a hefty 32 percent hike in state income taxes.

After a series of delays, as a legislature obviously embarrassed by its own actions dithered, the State House finally approved of the Senate’s override of the governor’s veto with a 71-42 vote, burdening the state with a massive income tax hike. It was a vote that saw ten of the state’s Republican contingent abandon Republican values and join the Democrats in approval.

 

Thursday’s vote permanently increases the state’s personal income tax rate from 3.75 percent to 4.95 percent. It also raises the burden on businesses, raising the rate from 5.9 percent to seven. It all amounts to a 32 percent hike for the average Illinoisan and a $5 billion tax hike overall.

 

The new tax hike is all the more galling because Illinois already has the highest property taxes in the nation, a fact that often forces retirees out of their homes to flee to other states. This is also a situation not lost on the state’s black American population, either. Illinois is witnessing a growing number of its African-American citizens moving out of the state, with Chicago and Cook County residents leaving at the fastest rate.

 

On Thursday, Illinois Democratic House leader Michael Madigan only needed three Republicans to jump ship and vote his way, but not only did he get a whopping ten to do so, he also got five others who didn’t even bother to vote. An additional five joined him in the early rounds of deliberations, so Democrat Madigan knew he had the Republican votes going into the matter.

 

READ MORE HERE:  

 

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

 

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

 

 

 


The article stating Illinois has the highest property taxes is from 2016 and I'm not sure it was true even then. As all New Jerseyens know, we have the highest property taxes. The highest auto insurance rates as well if memory serves. Rents aren't the highest but they're sky high.

 

 

 

 

 

 

Honored Social Butterfly

   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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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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Honored Social Butterfly

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

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@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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Honored Social Butterfly

 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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@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.


Man learns from history that man learns nothing from history.
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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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@jimc91 wrote:

READ MORE HERE:  

 

 

READ MORE HERE????

 

READ MORE HERE????

 

Is the fact that this article is the spawn of BRIETBART NEWS require that an attribution be hidden from a reader's view????

 

Brietbart's reputation as a racist, misogynist, xenophobic platform for the ALT-RIGHT calls into question the validity of ANYTHING written by ANY of their "reporters".

 

I wouldn't believe a word of anything generated by BRIETBART.

NO! IT'S CONSERVATIVES THAT ARE NUTTIER THAN SQUIRREL POOP!
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@nctarheel wrote:

@jimc91 wrote:

READ MORE HERE:  

 

 

READ MORE HERE????

 

READ MORE HERE????

 

Is the fact that this article is the spawn of BRIETBART NEWS require that an attribution be hidden from a reader's view????

 

Brietbart's reputation as a racist, misogynist, xenophobic platform for the ALT-RIGHT calls into question the validity of ANYTHING written by ANY of their "reporters".

 

I wouldn't believe a word of anything generated by BRIETBART.


This time, what Breitbart posted (the increase and the amount of it) is a fact.  Some of the rest of the article is the writer's opinion.  What they didn't bother to report is that Illinois raised their income tax rate in 2011 to 5.0%.  It had a "sunset clause" that went into effect in 2016 lowering the rate back to 3.75%. So, in effect, this is extending this tax increase.  The biggest problem appears to be an underfunded pension plan that was decades in the making.

Contributor

As an 80 year old resident of Illinois - only a total idit would trust giving our politicians a blank check with no cap to change our Illinois state tax system - govenor Pitzner refuses to address the illinois pension funding & the other expenses which has destoyed the Illinois financies --zero reserve !.

Each year 1000's of tax paying residents leave - if this tax increase passes that will acelerate & I may join them.

Why is AARP supporting one of the most corrupt states in the USA ?

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@jimc91 wrote:

Bankrupt Illinois Slams Citizens with 32% Income Tax Hike, More to Come

 

 

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

 

 

 


Another in the daily string of inane absurdities.  It's simple.  You want it...you pay for it...somewhere, sometime, somehow!  The politicians live off the idea that someone else will pay for the stuff they peddle for a vote. 

 

I wonder if Party HQ sent this latest version of canned commentary by express mail or maybe it is page 666 of the RRR playbook handed out at the local Trump rally.  'The donald' still insists Mexico will pay for that wall.  I saw that on the evil media this morning.  See....inane absurdities are the 'name of the game'.  Still wanna play?

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I am sorry, but the budget crisis has been decades in the making and has been exasperated by short term vs long term thinking.  Also, in the 20+ years it has taken to get this bad, both Republicans and Democrats have been in power.

Honored Social Butterfly

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!!
Regular Contributor

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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