Results 1 to 9 of 9
  1. #1 Illinois Lawmakers Propose 75 Percent Income Tax Hike 
    Illinois Lawmakers Propose 75 Percent Income Tax Hike

    January 6, 2011 10:38 PM
    Print Share 207

    From Mike Ramsey

    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.

    The permanent portion of the increase would be used several ways. Some would be devoted to schools and some to repaying an $8.5 billion loan that would be used to pay overdue bills, state Senate President John Cullerton said.

    Another chunk would go to property tax relief in the form of annual $325 checks, he said. The checks would replace the property tax exemption that homeowners can now claim on their income taxes.

    “I want to emphasize that it is just an outline that we’re working with, and that we’re talking to our members about,” said Cullerton spokeswoman Rikeesha Phelon. “But we’re looking at, possibly, a quarter of a percent that would possibly go for permanent property tax relief. We’re looking at .5 percent of that going toward paying unpaid bills.”

    Cullerton said House Speaker Michael Madigan and Gov. Pat Quinn fully support the tax proposal, although Quinn once promised to veto any increase of that size.

    Madigan’s spokesman said he couldn’t discuss the speaker’s position. The Senate has approved tax increases in the past, so the biggest question about this proposal is whether Madigan can find enough votes to get it through the House.

    The governor’s office put out a statement that stopped short of saying the three leaders had reached a final agreement. Rank-and-file legislators said Quinn described the tax plan to them earlier in the day and portrayed it as a deal among all three of the powerful Democrats.
    Chicago/CBS
    Reply With Quote  
     

  2. #2  
    LTC Member Odysseus's Avatar
    Join Date
    May 2008
    Location
    FT Belvoir, VA
    Posts
    15,638
    Quote Originally Posted by Gingersnap View Post
    I expect to see this followed by another headline:

    Taxpayers Depart Illinois in Droves.
    --Odysseus
    Sic Hacer Pace, Para Bellum.

    Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
    Reply With Quote  
     

  3. #3  
    Quote Originally Posted by Odysseus View Post
    I expect to see this followed by another headline:

    Taxpayers Depart Illinois in Droves.
    Do they even have any net tax payers?
    Reply With Quote  
     

  4. #4  
    LTC Member Odysseus's Avatar
    Join Date
    May 2008
    Location
    FT Belvoir, VA
    Posts
    15,638
    Quote Originally Posted by Gingersnap View Post
    Do they even have any net tax payers?
    I wasn't aware that they had a tax on nets. :D
    --Odysseus
    Sic Hacer Pace, Para Bellum.

    Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
    Reply With Quote  
     

  5. #5  
    Senior Member Apache's Avatar
    Join Date
    Aug 2009
    Location
    Tree rats are watching you
    Posts
    7,040
    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.
    Government is not the solution to our problem, government is the problem.
    Ronald Reagan

    We could say they are spending like drunken sailors. That would be unfair to drunken sailors, they're spending their OWN money.
    Ronald Reagan

    R.I.P. Crockspot
    Reply With Quote  
     

  6. #6  
    Senior Member Apache's Avatar
    Join Date
    Aug 2009
    Location
    Tree rats are watching you
    Posts
    7,040
    Quote Originally Posted by Odysseus View Post
    I wasn't aware that they had a tax on nets. :D
    They will now.... thanks :mad:
    Government is not the solution to our problem, government is the problem.
    Ronald Reagan

    We could say they are spending like drunken sailors. That would be unfair to drunken sailors, they're spending their OWN money.
    Ronald Reagan

    R.I.P. Crockspot
    Reply With Quote  
     

  7. #7  
    Best Bounty Hunter in the Forums fettpett's Avatar
    Join Date
    Oct 2009
    Location
    Southwest Michigan (in Exile)
    Posts
    8,757
    Another boon for Indiana, Michigan and Wisconsin if IL does this and MI and WI do the opposite which their respective Legislative bodies plan to do.
    Reply With Quote  
     

  8. #8  
    Senior Member
    Join Date
    May 2008
    Location
    Minneapolis MN
    Posts
    649
    That is just one of the many problems with libs raising taxes on people and busniess. Especially that high. They dont ever take into account that there is great probablity people and companies will move to a new less taxed location. Thus whatever tax revenue collected from them before will now equate to zero. Stupid shortcitedness.
    Liberals are proof that evolution is only a theory. Nothing that stupid could evolve past a monkey.
    Reply With Quote  
     

  9. #9  
    Banned
    Join Date
    May 2008
    Posts
    11,970
    Proposed spending will increase 2% per year. So, in 4 years, they will be in the same position. Anyone that believes that this is a temporary tax is a fool. These dummycrats have never seen a cut they liked and never seen a tax increase that they did not like.
    Last edited by lacarnut; 01-14-2011 at 01:13 PM.
    Reply With Quote  
     

Bookmarks
Bookmarks
Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •