Posted on 09/01/2020 7:59:38 AM PDT by SJackson
As a real estate agent for the past eight years on Chicago’s North Shore, I often describe myself to clients as brutally honest. Selling or buying a home is, after all, an intensely personal and difficult process. Nobody wants to realize halfway through that they’ve made the wrong choice, losing both precious money and time.
These days, I’m finding that my honesty is echoing what my clients already know: It’s becoming more and more unaffordable to live in Illinois. Despite having suburban listings available to them with expansive lawns and extensive amenities within walking distance to wonderful schools and parks, a majority of my sellers are moving out of state or renting until they decide what state they are going to move to. Illinois is wearing them out, they tell me.
One factor pushing many of them to leave? The push to replace Illinois’ current flat-rate income tax with a graduated-rate tax, where higher earners would pay more.
The change requires an amendment to the Illinois Constitution and that amendment is on the November ballot. To pass, it needs to be approved by either 60% of the voters voting on the question, or a majority of voters casting ballots in the election. And if it passes, starting in January, Illinoisans would face income taxes ranging from 4.75% to 7.99%, up from a current flat rate of 4.95%.
While some politicians, such as Democratic Gov. J.B. Pritzker, call this $3.7 billion income tax hike a “fair tax,” such a shift cannot be viewed in a vacuum.
The Illinois residents I talk to every day about their home values are tired of carrying water for the financially beleaguered state, as property taxes and sales taxes and fees also have all been hiked in recent years.
(Excerpt) Read more at chicagotribune.com ...
Keep voting corrupt Democrats in office and this is what you get.
It would be interesting to know, how much we all pay, including all the various income, sales, property, business taxes, etc.
As noted, they are looking at an income tax increase on people who have already seen increases in various other taxes. So people get frustrated about that, which is understandable.
But just something to think about. We all pay income taxes, Medicare taxes, Social Security taxes, sales taxes, gasoline taxes, property taxes, among others.
And consider all the goods and services you buy from others. How much of your doctor’s bill or the retail sales price of whatever you buy, includes a markup because those business people have their own taxes to pay????
I considered moving to Illinois when I retire in a few years (Route 66 fan-I go up every year and drive it) but it would be to one of the small towns/villages in Central Illinois if I did.
Looking at the taxes and the political climate, I don’t think I could do it, even away from Chicago.
I'm sure they have all been voting Repub for years in an effort to change all this. Right?
/Sarc
I believe the federal income tax was originally 2% and only applied to “the rich”.
This makes me think of my old home state, Washington, which has no income tax but has tried to get one for many decades. It also takes a constitutional amendment.
They should just create one and say it only applies to people that make over $500k a year. Then all the “takers” will vote for it. After that, they can just reduce the “minimum income” it applies to, and increase the percentage, just like the IRS did. ;)
Or maybe it all comes down to a great line from Archie Bunker when Meathead told him that they were moving to New Jersey..."well,*someone's* gotta live in Jersey".
I have friends from and have visited some of these affluent north shore towns Winnetka, Kenilworth, Barrington Hills. I think Barrington Hills used to be 5 acre min.
Beautiful homes. They are also part of Cook County as is Chicago, so they pay Cook County income taxes as well.
That’s exactly what can happen with any new tax. Any time a new tax comes in, proponents will say it’s a small tax levy, and only applies to the wealthiest among us.
But eventually, tax rates rise and the tax base expands to make many more people subject to the tax.
Property taxes - the mortgage that can never be paid off.
And the socialists used endless wars to push for a federal income tax to fund them. The criminals running America spill our blood and then turn us into tax slaves for the privilege.
“...just like the IRS did...” I’m sure you meant to say just like Congress did since they are the ones who set the rates.
Yep.
Most of Illinois is conservative. Gerrymandered districts and cheaters at the ballot box has destroyed this state.
Dig around the Tax Foundation’s website to find state’s tax burden rankings which aggregates all states’ taxes into a percent of income.
Don’t hold me to this, but I recall states average 10.4%.
For some reason, the words “Illinois” and “Wonderful” in the same sentence do not make any sense. Hmmm!
Illinois made totally ridiculous pension promises to public sector employees. The state cannot even discharge these obligations through bankruptcy (Public sector labor unions got that amendment added to the state constitution). So what’s going to happen?
Taxes will continue to rise to pay for it. That will drive out business and drive out productive citizens. That will blow a huge hole in the state budget. The state will then jack up taxes even more on those who remain. Property values will crater as productive people try to leave but can’t find enough suckers.....errr....I mean buyers to buy those homes. The taxes will CRUSH small businesses and cause larger companies to move jobs away from Illinois.
So if you stay, the state will tax the bejeezus out of what you make, ruin your business and as an added bonus, your home will be worth far less than you paid for it. Get out now.
We fled right after the state income tax went up 66%...overnight!
Can you also innoculate them against ever voting Democrat again
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.