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I don't really buy the arguments about a lot of people fleeing. If you're making a million dollars a year in income, that's not a normal job -- we're talking bankers, executives, business owners, etc. all of whom will have local ties to companies and industries that make them their cash. You could see some smaller, more mobile businesses - especially in finance - relocate right across the state line over time when making location decisions (like for example occurs with New York and Connecticut and the hedge fund industry in Stamford), but I really doubt someone is going to imperil their million dollar income by picking up roots because of a 3% tax hike.
You have your theory reversed. They people that make this kind of money are not some cog in the machine that must sit at a desk all day. They are laid to make decisions, decisions that can really be made anywhere. They can afford to move and now have a real reason to do so.
Illinois has such big debt problems it should be looking at every source of revenue it can. Both parties share blame here, despite all of the political adds.
The only way out of the problem is increasing state revenue and decreasing its expenditures. Every single line item in the budget should get serious attention and every source of revenue explored.
Unfortunately, those approaches do not tend to make winning elections easier, so many politicians just try to hide and avoid the issues.
I would like to see politicians salaries and the salaries of their staff tied to the success of the state budget. I bet that would get some action.
He's been a member of the Illinois house for 43 years and tends to be viewed as the de facto Governor. His daughter is the state AG. They are owned by the public unions.
Governors come and governors go and nothing changes. The state had the distinction of having two former governors, a Democrat and a Republican, in prison at the same time.
My best guess as to how this will play out, will be a surcharge tax on all incomes, all of it going to balance the school budgets to keep the unions happy, happy, happy. Not a dime of it will go towards the pension fiasco.
In the meantime, Bruce Rauner (who has some interesting baggage of his own) won the Republican primary, this week and will campaign against Quinn, a strong advocate for raising the minimum wage. So the first thing he announces on Wednesday is that he intends to reduce the state minimum wage to the federal level. He's DOA.
In this state, politicians fight about the color of curtains in the dining room, while the house in on fire.
I agree but I'm not sure if it's unions who own Madigan or Madigan who owns the unions. Either way, it's an unholy alliance to the detriment of the taxpayer. Add to that the politicians who have allowed taxing bodies to forgo their legally required pension payment obligations during times of "duress", and we, the taxpayers of this state get stuck holding the bag with the largest unfunded pension obligations in history.
Not being snarky, but how can you support the democrats in Illinois (assuming you do)? Not saying that the (R's) have put forth quality candidates either, but Madigan has single-handedly run Illinois into the ground.
You have your theory reversed. They people that make this kind of money are not some cog in the machine that must sit at a desk all day. They are laid to make decisions, decisions that can really be made anywhere. They can afford to move and now have a real reason to do so.
I don't really buy the arguments about a lot of people fleeing. If you're making a million dollars a year in income, that's not a normal job -- we're talking bankers, executives, business owners, etc. all of whom will have local ties to companies and industries that make them their cash. You could see some smaller, more mobile businesses - especially in finance - relocate right across the state line over time when making location decisions (like for example occurs with New York and Connecticut and the hedge fund industry in Stamford), but I really doubt someone is going to imperil their million dollar income by picking up roots because of a 3% tax hike.
Don't forget lawyers, lots and lots of lawyers with billable hours.
There aren't enough "Million dollar" incomes to do what they need ..... the next move will be to lower the bar.
Count on it.
They will never be happy so you are right, they will keep lowing the bar. For those who think this is just fine, never wish higher taxes on the other guy because eventually higher taxes will creep down to hit you.
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