Illinois proposal: Raise income tax by 75%

[rbell]

Wow.

http://chicago.cbslocal.com/2011/01/06/tax-increase-plan-bigger-than-expected/

They just don't get it, do they?

Thanks to profligate spending, the drain of public sector requirements, and an education system that is bankrupting the state, Illinois' solution is to destroy what economy they have left.

Much akin to, "Hey...you shot me in the foot! To get even, I'm going to shoot myself in the other foot!"

This bears watching: One, because several other states are in at least as dire straits as IL (California being the best example). Two, because hopefully intelligent people will prevail on this one; otherwise, we're about to watch the implosion of a large state with one of our chief cities.

 

[TCassidy]

I have a better idea. Tax welfare benefits!

 

[billwald]

Unable to comment without seeing their state tax table. As long as they don't increase taxes on the working class probably a good idea. But I'm the only one on this list who is in the working class. The rest of you are solid middle class.

 

[tank1976]

I live in IL. This is not going to make things better.

They also want to raise the corporate tax to 10 % or so and borrow 13 Billion to pay off debt (that one is crazy).

The legislator is also trying to break the teacher's union and destroy their retirement... and get rid of tenure.

I do not agree with the union leaders, but this could hurt some good teachers.

Don't get me wrong there should be a system to fire bad teachers, but this is not the fix- by the way, my wife is a teacher.

 

[rbell]

Well, they did it. Passed the tax increase.

There is one glimmer of good news in this: The economies of the neighboring states will get an up-tick as businesses will flee Illinois.

But, alas, the rest of the news is bad. And billwald, the "only working class person here (snicker)," maybe your taxes wouldn't increase (if you lived in IL). But your employer's will...a bunch. And that would affect you. Your grocery store's bottom line shrinks. And that would affect you. Your auto mechanic. Your doctor. Your manicurist and salon owner (wasn't sure if you exfoliated or not). All of these people will have to pay more money--a lot more--just for the "privilege" of breathing the not-so-free-air of Illinois. And that's going to cost you.

Point is, this will nickel and dime the "working class" to death as well. Basic economics: During bad economic times, raising taxes is a terrible idea.

But hey...at the expense of the residents of Illinois, a few politicians are about to learn that. Unfortunately, many don't have the intellectual capacity to learn. So they'll keep being stupid.

 

[Palatka51]

I knew there was a reason I don't live in Illinois. :tonofbricks:

 

[targus]

Unable to comment without seeing their state tax table. As long as they don't increase taxes on the working class probably a good idea. But I'm the only one on this list who is in the working class. The rest of you are solid middle class.

It's your own fault - nobody made you join the union and then hide in the briar patch for your whole working life.

 

[freeatlast]

This is the result of voting in godless men and women. You see no attempt to cut their own pay and benefits and they are the ones who put the state in the mess they are in.
When the church loses its taste then the government becomes the seasoning and this is a bitter pill.

 

[Crucified in Christ]

Wow.

http://chicago.cbslocal.com/2011/01/06/tax-increase-plan-bigger-than-expected/

They just don't get it, do they?

Thanks to profligate spending, the drain of public sector requirements, and an education system that is bankrupting the state, Illinois' solution is to destroy what economy they have left.

Much akin to, "Hey...you shot me in the foot! To get even, I'm going to shoot myself in the other foot!"

This bears watching: One, because several other states are in at least as dire straits as IL (California being the best example). Two, because hopefully intelligent people will prevail on this one; otherwise, we're about to watch the implosion of a large state with one of our chief cities.

All I can say is that if these individual states continue down these ridiculous paths toward bankruptcy...we better not see any requests for a massive Federal bailout.

California is a great example of this: a state that has a tanking economy, can't pay its own bills, and is going deeper and deeper in debt. What does such a state do? Elect Brown for Governor. That's fine, but don't come asking the rest of the states to bail you out when you continue to watch your economy flushed away.

If a state's citizenry repeatedly shows that it doesn't care about the future of its economy, it should not be surprised when those outside the state don't care as well.

 

[sag38]

I would expect to see to see a mass exodus of the idiots who did this to the citizens of Illinois come the next election. If not, then the citizens of Illinois are getting exactly what they deserve for putting these moronic acting people back in office.

 

[rbell]

I would expect to see to see a mass exodus of the idiots who did this to the citizens of Illinois come the next election.

It depends. If there are enough voters who don't pay taxes, but receive lots of benefits...it'll remain status quo.

If not, then the citizens of Illinois are getting exactly what they deserve for putting these moronic acting people back in office.

Agreed.

 

[Thousand Hills]

Well, they did it. Passed the tax increase.

There is one glimmer of good news in this: The economies of the neighboring states will get an up-tick as businesses will flee Illinois.

The Governor of Indiana compares Illinois to the Simpsons :tongue3:

http://content.usatoday.com/communi...daniels-the-simpsons-illinois-tax-increase-/1

The Governor of Wisconsin's quote about Illinois "Years ago Wisconsin had a tourism advertising campaign targeted to Illinois with the motto, 'Escape to Wisconsin,"' Walker said in a statement. "Today we renew that call to Illinois businesses, 'Escape to Wisconsin.' You are welcome here."

http://www.myfoxchicago.com/dpp/new...x-plan-increase-hike-income-personal-20110111

 

[Thousand Hills]

Unable to comment without seeing their state tax table. As long as they don't increase taxes on the working class probably a good idea. But I'm the only one on this list who is in the working class. The rest of you are solid middle class.

Have you figured out your definition yet of working and middle class? If so please fill us in. In an old thread, which I can pull up if needed, you said:

I would say that middle class starts at 10 times minimum wage and rich starts at 50 times minimum wage.

Doing the math, that came to $150,000 per year for the start of the middle class. Since you think most of us are "solid" middle class, I guess that would be over $200,000 or more. Should we start a poll to see if Mr. Wald is right?

 

[targus]

Should we start a poll to see if Mr. Wald is right?

Starting polls to see if billwald is ever right on anything is unfair and completely uncalled for !! :smilewinkgrin:

 

[billwald]

>Have you figured out your definition yet of working and middle class?

Yes, for a family, working class, below $150K. Middle class, $150K to $500K.

If one plots income in 5% increments, it is essentially almost horizontal straight line from 0 to $150K and from 1st 20th to 18th 20th. From the 18th 20th to th 19th 20th the line arcs upwards from 150K to 500K. At $500K the line is almost vertical up to the 20th 20th.

 

[mets65]

I'm working class......solidly.

 

[Arbo]

Obama's from Illinois. Anyone else see the irony?

 

[Thousand Hills]

I'm working class......solidly.

Me too,...... lets see, with you, me, and Mr. Wald that's three working class so far. See Bill, your not alone on here. :smilewinkgrin:

 

[targus]

>Have you figured out your definition yet of working and middle class?

Yes, for a family, working class, below $150K. Middle class, $150K to $500K.

If one plots income in 5% increments, it is essentially almost horizontal straight line from 0 to $150K and from 1st 20th to 18th 20th. From the 18th 20th to th 19th 20th the line arcs upwards from 150K to 500K. At $500K the line is almost vertical up to the 20th 20th.

So then in order to "tax the rich" they should raise the threshold level from $250K to above $500K.

And tax cuts for the middle class would be those making less than $500K.

I can go along with that. :smilewinkgrin:

 

[InTheLight]

>Have you figured out your definition yet of working and middle class?

Yes, for a family, working class, below $150K. Middle class, $150K to $500K.

Do you realize the upper limit of your definition of middle class excludes 99% of all wage earners?

And the lower limit, $150K, excludes about 96% of all wage earners.