Posted on 07/17/2021 9:04:55 AM PDT by karpov
Illinois doesn’t try that hard to attract businesses and workers. Its 9.5% corporate tax rate is the fifth highest in the country. Its property taxes are twice as high as those of its neighbors. And unlike most states in the Midwest, it doesn’t have a right-to-work law giving workers the choice not to join a union. Illinois does have one thing going for it: cheap and reliable electricity.
The state would lose that too under an 800-page climate bill Democrats in Springfield are contriving to jam through the statehouse. “The proposed energy legislation being circulated will be the largest rate hike on consumers and businesses in history,” a coalition of business groups wrote to Democratic Gov. J.B. Pritzker last month.
For starters, the legislation would force the shutdown of all coal plants in the state by 2035 and natural-gas generators by 2045. Coal plants have a useful life of 50 to 60 years and gas plants of around 30 to 40 years, so many recently constructed generators—which are cleaner burning than older ones—would have to be retired decades early. Electricity customers and taxpayers would get stuck paying higher costs.
Consider southwestern Illinois’s giant Prairie State Energy Campus, a coal plant serving 2.5 million customers across the Midwest. The plant began operating in 2012 and burns coal extracted from a nearby mine. Some 300 municipalities and rural electric cooperatives borrowed to finance its $5 billion in construction costs. The plant’s premature closure would leave them on the hook for bond payments years after the plant is forced to shut down. At the same time they would have to pay to procure power from other sources. Taxpayers and ratepayers would essentially have to continue paying the mortgage for a property on which the state has foreclosed.
(Excerpt) Read more at wsj.com ...
They also tax senior’s Social Security payments.
The Midwest version of Newsome’s California without the mountains.
Elections have consequences.
The greenies simply don't care. They think everyone should be forced to live in the city.
” Illinois does have one thing going for it: cheap and reliable electricity.” How did that happen?
Grannie better check again or get a better tax accountant.
I live in Illinois, am retired and living well on Soc Sec and good RMD. The fed’s tax 85% of Soc Sec and all of the RMD income. Illinois taxes none of it, as in zero.
When I got out of the Army, many years ago, I discovered hat Illinois also treats veterans very well with tuition assistance at the state schools as well as the private ones. I got a masters degree with state and fed assistance.
Indeed, Governor Porkchop just tried to change the state constitution to allow income taxes at different rates for different classes of taxpayers. It would have allowed the state to start charging retiree income at “a much lower rate” than others. It failed.
Well, we finally sold our house in Illinois and close on it in a few weeks, and I just got what I hope is my next-to-last electric bill. Even my liberal electric co-op sent out a letter opposing this legislation, citing how it won’t be the co-op’s fault if electric rates skyrocket.
The only thing I miss about Illinois is that there was no state income tax on my public pension. However, that savings was wiped away by ridiculous property taxes and other fees and taxes.
“” Illinois does have one thing going for it: cheap and reliable electricity.” How did that happen?”
Sure as hell doesn’t show on my Comed bill and I had to buy a Generac because of all the goddamm power outages!
Well I guess since I read this on the internet your response must be true since everything you read on the internet is correct.
Commies gonna commie !
Taxing SS was up a few years back and did not pass.
Illinois does not tax distributions received from:
qualified employee benefit plans, including 401(K) plans;
an Individual Retirement Account, (IRA) or a self-employed retirement plan;
a traditional IRA that has been converted to a Roth IRA;
the redemption of U.S. retirement bonds;
state and local government deferred compensation plans;
a government retirement or government disability plan, including military plans;
railroad retirement income;
retirement payments to retired partners;
a lump sum distribution of appreciated employer securities; and
the federally taxed portion of Social Security benefits
https://www2.illinois.gov/rev/questionsandanswers/Pages/99.aspx
Unfortunately she’s not around and her tax statements as well, but I just remember her complaining about how she had to pay taxes on her SS.
That’s true, my late sister bought a home in Marion IL.
She figured that since IL had no tax on those over 65 she
would then use those savings to offset the high property tax.
I’m now in the process of getting through probate and then
putting that house up for sale.
I’m in Missouri here, west of Marion, and we do have tax
on SS....but we have LOW property taxes.
.
Stolen elections have consequences.
When did Illinois become a sunshine state?
Your condescension aside, he is right. I had to do taxes for my dad. The state of Illinois does not tax social security, doesn’t tax my uncle’s pension either.
Sales and property taxes are where the sodomy happens.
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