Chicago Fed Thinks It Knows How To Tax Illinoisans Fleeing Pension Liabilities

[DoseTheClowns5]

Originally Posted by RisingAurvandil

I did not say that StL was a global city.

You did not read the preceding sentence. Yet, you managed to embolden the last sentence. Read it again.

I read your comment thoroughly. You live in a major metro area (St Louis) but tried to imply Indiana doesn't have one. Indianapolis can compete with St Louis very well and unlike St Louis Indy is growing at a good clip.
Indiana haters tend to come up empty handed a lot.

[Maintainschaos]

Originally Posted by DoseTheClowns5

I read your comment thoroughly. You live in a major metro area (St Louis) but tried to imply Indiana doesn't have one. Indianapolis can compete with St Louis very well and unlike St Louis Indy is growing at a good clip.
Indiana haters tend to come up empty handed a lot.

Indianapolis is not, for most intents and purposes, a globally-relevant city on any scale even remotely close to that of Chicago. Regarding STL, it seems you misread or misinterpreted.

[lepoisson]

It's less about the tax amounts and more about the value you get from taxes. If my taxes continue to increase, but I don't see any additional services added, why would I support an increase in taxes?

[dtcbnd03]

Originally Posted by lepoisson

It's less about the tax amounts and more about the value you get from taxes. If my taxes continue to increase, but I don't see any additional services added, why would I support an increase in taxes?

Exactly. I think something like 20-25% of all Illinois tax money goes into pensions. Yet the pension deficit grows each year. It's unreal. Thanks Madigan.

[DoseTheClowns5]

Originally Posted by dtcbnd03

Exactly. I think something like 20-25% of all Illinois tax money goes into pensions. Yet the pension deficit grows each year. It's unreal. Thanks Madigan.

Higher taxes for Inferior services. aka paying more to receive less.
In the private sector they call that getting ripped off.

[Grlzrl]

Originally Posted by dtcbnd03

You'll have the last laugh cause your relative will not be collecting that entire pension. Will likely only collect 50-60% of promised benefit once we start taxing public pensions, pass amendment, or declare bankruptcy...which we'll reach when we literally don't have the cash to pay. Luckily other states will run outta pension money first so we can follow their lead on how to fix the mess.

Even if they do start taxing pensions, it won't be anywhere close to the percentage you state. The Illinois state tax is 4.95% unless you are a high earner, in which case it is higher because they eliminated deductions. I am not defending Illinois or anything. Just correcting your numbers.