Posted on 01/07/2011 9:45:36 AM PST by RobinMasters
SPRINGFIELD, Ill. (CBS) – Gov. Pat Quinn and the leaders of both houses of the Illinois General Assembly have agreed on raising the state income tax. If the bill passes, the plan would raise the personal income tax rate from the current 3 percent to 5.25 percent. That’s a 75 percent increase. In real dollars, that would mean if you currently owe $1,000 in taxes, next year you would owe $1,750.
The increase is for four years. After that, the personal income tax would go down to 3.75 percent.
The Democratic leaders in the Illinois General Assembly believe this income tax increase, a corporate tax hike, and a $1-per-pack tax increase on cigarettes would erase the state’s $15 billion budget deficit.
(Excerpt) Read more at chicago.cbslocal.com ...
We have had temporary tolls on the Garden State Parkway since the 1950’s. They went from 10 cents to $1.50. Temporarily of course.
Why does a 75% decrease in spending sound way more reasonable?
It’s the classic economic death spiral; raise taxes to fill the budget revenues dry up raise taxes again, more business leaves the state budget deficit gets bigger.
Chicago’s solution to the budget shortfall is to hike parking fees. Wow.
People of Illinois are stupid stupid stupid stupid stupid.
Just in time for the next election.
Two months ago we had a chance to avoid this fiasco, and still the voters put donkeys in just about every meaningful state office.
Any moron who voted for Quinn and didn’t know this was coming deserves to be taxed for excess stupidity. Sadly, the rest of us will take it in the shorts as well.
Ha, I was gonna weigh in with the example of that shining promise.
Not only that, Dukakis, in his capable, gracious and stunning wisdom got away with dinging people retroactively.
It’s too bad that none of our Republican governors could do away with the Dukakis surtax, there were FOUR of them.
Once people from Illinois get tired of paying a 5.25% state income tax, they’ll probably stampede down here to low-tax haven of North Carolina, where the state income tax rate is... ummm... 7.75%. Oops.
The article didn’t mention it but included in this little bag of legislative goodies is an increase in the corporate income tax from 4.8% to 8.4%. That’s pretty big hit and you can bet that lots of Illinois corporations that are still alive will think long and hard before they expand in Illinois. And for those who are barely getting by right now that may be thing that forces them to close the doors.
I really do feel sorry for a lot of those folks from Downstate. They are generally socially and fiscally conservative but their vote gets more than offset by the cesspool that is Cook County.
That income tax increase will go entirely to paying pensions and bennies for those parasites. State worker parasites. Illinois people have to rebel or will become slaves laboring to old age to support those bums retiring early in princely style
That's it...The tax payer peasants work for the government employees and their tax paid retirement pensions....
Americans are getting robbed and raped by those that are were supposed to be working for them....Public servants? lol...
Public masters / private sector servants.
Those in Government will turn working Americans into their slaves while they sit back enjoying their tax paid government retirements.
This round of tax increases is a fine example of the public sector sucking the lifeblood out of the private sector to pay off the lavish salaries, bennies and penions for Illinois state workers
The private citizen is expected to slave away for his Gubbermint masters
Looks like Illinois wants to grab the 2% the feds were handing out for the SS tax holiday. If they pass it quickly,
most rubes won’t even know it..
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.