Illinois to raise income tax by 50% (Madison: market, town, government)

[Avengerfire]

7/28/10

"...Lawmakers will likely increase the personal tax to 5 percent from 3 percent, generating $6 billion of new revenue, the budget director, David Vaught, said in an interview..."

Illinois Will Probably Raise Income-Tax Rate to 5%, Budget Director Says - Bloomberg

That is more than a 50% hike. That is a 66.7 % hike.

[Chi-town Native]

Originally Posted by Avengerfire

7/28/10

"...Lawmakers will likely increase the personal tax to 5 percent from 3 percent, generating $6 billion of new revenue, the budget director, David Vaught, said in an interview..."

Illinois Will Probably Raise Income-Tax Rate to 5%, Budget Director Says - Bloomberg

That is more than a 50% hike. That is a 66.7 % hike.

Interesting there is no mention of the exemption, I wonder if they've dropped it.

And I'm not thrilled to be paying more taxes, but the alternative isn't acceptable - the state of Illinois is broke as a joke, there really aren't any cost-cutting measures that can remotely close the gap.

[Attrill]

As I understand it the current proposal exempts the first $50,000 of income from the tax hike, making the State income tax at least somewhat progressive. While I'm not crazy about a tax hike, the income tax rate will still be significantly less for me than any other place in the US I would consider living (NYC, SF, Boston, DC, and others).

[Chi-town Native]

Originally Posted by Attrill

As I understand it the current proposal exempts the first $50,000 of income from the tax hike, making the State income tax at least somewhat progressive.

[temp2290]

Illinois is backwards because of the extremely high regressive taxes like sales and sin taxes, those that disproportionately affect the poor. I'm fine with jacking up income taxes on the rich (hell, I might even be affected.) Those that profit from the system should pay it back; it certainly won't affect my desire to do a good job at work so I don't buy into that argument at all.

[linicx_missing_link_DNA]

Moderato error: Message truncated.

[linicx]

I think we should 1% increase in grocery tax only except where it already exceeds*the current 1%. It affects all, not targeted to just one group. I get a double wammy on the booze and cigarette tax.

[Chi-town Native]

Originally Posted by linicx

I think we should 1% increase in grocery tax only except where it already exceeds*the current 1%. It affects all, not targeted to just one group. I get a double wammy on the booze and cigarette tax.

I don't think that's going to put much of a dent in the structural deficit problem. Illinois really is in pretty bad shape (not that we're alone in this category by a long shot).

It's always interesting to me to compare Wisconsin's state government with ours - why is ours so much worse? Best arguments I've heard are we just never got the housecleaning Wisconsin had a century or so ago, and then there's the Chicago Machine problem.

[ccjarider]

Chi-Town native.

Lived in WI. for the first 47 years of my life. I do not feel that I am getting anything less from gov't in IL that I did not get in WI. WI raped me a lot more that IL does on taxes and fees.


Further, when you peel back the onion, WI politicians are not any different than IL politicians. Frankly I would rather vote for a relatively open crook who does not deny what he/she does rather than the lying shills in Madison who routinely say they are not like IL politicians, while they line their pockets with road builder money, teachers union money, ridiculous per diem compensation and the list goes on and on.

I am not saying what I see in IL is great, but I do not understand why people buy the baloney coming out of Madison that it is all "honest" government.

[prairiestate]

Originally Posted by Avengerfire

What do people think of this?:

Illinois Lottery hopeful would give up to $35M to state education | Government | Crain's Chicago Business

Insulting, absurd, ridiculous. Yes, let's give up control of the lottery in exchange for a one time payment that might last 6 months at best.