Illinois faces 66% tax increase, do u want the Illinois way, or New Jersey??

Question

https://www.startribune.com/business/113344039.html

https://www.njherald.com/story/news/Christie-state-of-state

Do u want the Illinois way with the Democrats, or the New Jersey way with Chris Christie and the republicans?????

I think people and businesses will flee from Illinois, and hopefully everyone can learn from what Chris Christie is doing in New Jersey?? States have very important decisions to make.

FrontRowCenter · Answer

https://www.startribune.com/business/113344039.html

https://www.njherald.com/story/news/Christie-state-of-state

Do u want the Illinois way with the Democrats, or the New Jersey way with Chris Christie and the republicans?????

I think people and businesses will flee from Illinois, and hopefully everyone can learn from what Chris Christie is doing in New Jersey?? States have very important decisions to make.

MeMyselfandEye · Answer

The increase means an Illinois resident who now owes $1,000 in state income taxes will pay $1,666 at the new rate. After four years, the rate drops to 4 percent and that same taxpayer will then owe $1,333.

LMAO..They are going to try and tax their way out of it.....Typical. Wait and see how many jobs are created up there...Let say you make $90,000 per year and pay $30,000 in taxes (33%)...well, you now pay $49,800....that's amazing...

Anyone who makes any kind of money will leave that place, just like New York City, and Chicago will end up collecting less in tax revenue...the people that pay the most taxes will not stand for it..it's basically stealing.

Numerous studies prove this fact.

MeMyselfandEye · Answer

The Laffer Curve:At a 0% tax rate, the model assumes that no tax revenue is raised. The "economic effect" assumes that  the tax rate will have an impact on the tax base itself. At the extreme of a 100% tax rate, the government theoretically collects zero revenue because taxpayers change their behavior in response to the tax rate: either they have no incentive to work or they find a way to avoid paying taxes. Thus, the "economic effect" of a 100% tax rate is to decrease the tax base to zero. Somewhere between 0% and 100% lies a tax rate that will maximize revenue....I have news for Chicago...they are way past the optimal point to maximize tax revenue.....look at New York City.

FrontRowCenter · Answer

I agree MeMyselfand Eye!!   Everyone will move to states with low tax rates.  This is nuts by Illinois.....

pjrez · Answer

I agree the increase in tax is the wrong way to go about this, but your numbers aren&#x27;t correct. I believe the current state tax is 3%.  Going to 5%.So someone who makes 90k a year has a state liability of $2700 in 2010, would now have a liability of $4500 a year.  66% increase.

wallstreetcappers · Answer

So what is the solution, the fall back "let the state fall into BK" or cut spending and raise the unemployment rate more (I think Illinois has a higher than average UE rate?) or increase taxes AND decrease spending?

The residents of these states (including Arizona) sat by during the rah rah phony years and let the governments spend like crazy, well it doesnt take a scientist to know that economies expand and contract..during expansion years you SAVE, during contraction years you use those savings to survive.

No wonder the state budgets fail, the people running government have little clue about how to make good financial decisions.

AcerRubrum · Answer

but the taxes for those in ILL are still less % than WIS!

Democrats countered that even with the increase, Illinois' tax rate will be lower than in many neighboring states -- Iowa's top rate is 8.98 percent, Wisconsin's is 7.75 percent.

MeMyselfandEye · Answer

3 words Wall..PUBLIC EMPLOYEE UNIONS.#1 Public employee unions (the government) are a monopoly.  Unionized government units NEVER bid against or compete against non-unionized units.#2 Politicians (who negotiate with public employee unions ) generally have zero incentive incentive to keep costs down, unlike the private sector....  #3 The result has been a fiscal disaster, with numerous states and municipalities now going over the waterfall of bankruptcy. #4 Public employees are now far better paid than their private sector counterparts, while enjoying better benefits and ridiculous job security. Entitlements are off the charts. Enough is Enough...but they will try to make the non-union private individuals pay for the above BS by extracting more and more taxes...Abolish the Public Unions and the cycle ends...until then, Rinse, Lather, &amp; Repeat.

wallstreetcappers · Answer

Well the residents vote in the reps, the reps make the rules.

I wonder if the unions contribute to campaigns and give jobs/benefits to reps and people they know?

I dont blame the workers, especially teachers and public service employees..in reality the problem is much larger than just the issue of unions.

Get rid of campaign contributions, favors, lobby groups..that is where you start.

Greyhound · Answer

[Quote: Originally Posted by AcerRubrum]  but the taxes for those in ILL are still less % than WIS!Democrats countered that even with the increase, Illinois&#x27; tax rate will&#xD;&#xA; be lower than in many neighboring states -- Iowa&#x27;s top rate is 8.98 &#xD;&#xA;percent, Wisconsin&#x27;s is 7.75 percent.  [/Quote]This is true.

MeMyselfandEye · Answer

De-certify the unions.  What sense does it make to have an organization &#xD;&#xA;negotiating against the interests of the taxpayers?

steveshane67 · Answer

umm, yeah.  but just the same as any politically connected group, whether it be a union or not.

MeMyselfandEye · Answer

Without a bankruptcy mechanism at the municipal level, we citizens are &#xD;&#xA;effectively slaves to the demands of unions and politicians they &#xD;&#xA;corrupt.

AcerRubrum · Answer

Without a bankruptcy mechanism at the municipal level, we citizens are effectively slaves to the demands of unions and politicians they corrupt.

I guess that is why my school property taxes went up 20% in WIS.....will the taxes soon be more than the value of the house?

but we will damn sure have the best of schools and well funded teachers and government!

KOAJ · Answer

[Quote: Originally Posted by MeMyselfandEye]  Without a bankruptcy mechanism at the municipal level, we citizens are &#xD;&#xA;effectively slaves to the demands of unions and politicians they &#xD;&#xA;corrupt.                                                                &#xD;&#xA;                                                                        &#xD;&#xA;                                                                        &#xD;&#xA;                                                                        &#xD;&#xA;                       [/Quote]100% righthowever, we (taxpayers) can move away and allow the public employees and bribed pols tax themselvesgood for Illinois. i hope the sane ones who are left leave. this only quickens the descent. even governor moonbeam is cutting spending

JEFFMARKETCAP · Answer

I woke up this morning fuckn pissed off

FrontRowCenter · Answer

&#xD;&#xA; &#xD;&#xA;Move to Florida, great weather and no State Income Tax!!!

FrontRowCenter · Answer

"This thing would have been toast if it hadn't been for the lame ducks," said Rep. Chapin Rose, R-Mahomet. Among the retiring Democrats voting for the tax increase were Reps. Bob Flider of Mt. Zion, Mike Smith of Pekin and Jay Hoffman of Collinsville.

"What's amazing to me is that this chucks the results of the election completely out the window. What cuts? Spending goes up over 6 billion dollars," Rose said.

https://www.news-gazette.com/news/politics-and-government/2011-01-11/house-approves-66-percent-income-tax-hike-60-57-vote.html

depeche2 · Answer

Illinois state income tax is still lower than a bunch of other states in the region, like Wisconsin and Iowa. Raising tax a couple percent is better than going bankrupt and failing to provide necessary services.

KOAJ · Answer

it wont close the gap either. your state wont stop spending and thats the main problem. all the producers will move away soon enough

thirdperson · Answer

Most governments prefer to increase tax rates instead of decreased spending. because it is easier to implement.   Overspending buy votes and cutting cost isn&#x27;t sexy.  Unfortunately, voters elect the politicians that they deserve.

MeMyselfandEye · Answer

Good! I hope they increase taxes 175% Let these idiots live with their voting decisions. You wanted big gov't, big unions, and high taxes? Well HERE THEY ARE!

If I were a neighboring state, I wouldn't let a SINGLE Illinois resident into the state until they showed their voting record for the last decade. Why? Because when these idiots leave the liberal mecca they created, they continue to vote democrat, unwilling to see that that was the genesis of their exodus. They turn the red states purple then eventually blue.

wallstreetcappers · Answer

So if people vote democrat they cannot move out of Illinois?Thats a very productive thought right there.

MeMyselfandEye · Answer

Wall, Sarcasm...Taxes grow. Employers run. The jobs leave. High-end wage earners have the mobility to escape. What&#x27;s left are the low-end workers who are stuck here.Those who are tied to government, either through contracts or employment, actually outnumber those who are not tied to government. Because the true constituents of the Democratics are the public service unions and the special interests that benefit from all that spending. Why should politicians make cuts and anger the people that give them power, the power that allows them access to treasure?Illinois new State Slogan:"WHERE THE F@!K ARE YOU GOING? SOMEBODY HAS TO PAY FOR THIS S@$T!"

be easy · Answer

either my brain is farting or you have some muddled mathIF tax rate goes up 66%  (from 6% to 10%)AND you used to pay 5400 annually on your income to the state of illinois, NOW you will pay 9000 under the 66% raise in STATE income taxesthis is using your 90k per year figureI wouldn&#x27;t want to pay it either, BUT i&#x27;d be hard pressed to think that people will pack up and move over this hike.90k per year earner in that state has likely levered their way into a 500k&#x2B; house with a fat mortgage. The house has probably sunk in value over the last couple years. It&#x27;s not cheap to get out of a house, taxes and moving costs. THen you have to consider the job market, being what it is, probably tough to just jump into a new place and get back to making 90k at a new gig.  I agree it sucks, and is by no means a solution to their problem. However, i doubt much if anyone picks up and leaves, and it might not even be economically viable, at least not in the short term,,,,,,What&#x27;s going to burn everyone is the FEDERAL increase in SS taxes,,,,,,,i think they went up almost 50% recently, i can&#x27;t imagine that&#x27;s going to help nudge employers to hire new employees, while their payroll taxes are getting MORE burdensome

Illinois faces 66% tax increase, do u want the Illinois way, or New Jersey??

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