TAXES for Illinois - TV Ad (Chicago, Washington: health insurance, buy, college)

[Grlzrl]

Originally Posted by Jon998877

I wasn't the one that made up the numbers... I am just tired of all the crying about the wealthy not paying their fair share of both federal and state taxes. Should the wealthy start crying that 50% of US residents pay no income tax? its currently the trendy thing to do, hate the wealthy out of jealousy.

Hey, you're preaching to the choir here. We pay a huge amount of taxes.

Originally Posted by Kmanshouse

I really don't get how the rich are paying less here either. I saw the ad and I'm like wha???

The commercial is misleading to say the least.

Pretty sure though, what JB wants, he's gonna get. So families under $250K are going to continue paying 4.95%, and those over $250K are going to likely pay 4.95% on the first $250K and then some higher amount over that, like maybe 8 or 9%.

These are guesses....

The sleazy thing he did was, threaten to raise EVERYONE's taxes or just the rich, which is how he will get his ballot passed.

[quote=wase4711;54949725]maybe i

Originally Posted by Curly Q. Bobalink

The laughable part of JB's campaign, is saying that the "Rich" (those with incomes over $250K) are not paying their "fair share", when guys like JB himself - the "Super Rich", hire tax advisors that set up offshore trusts to keep their money from being taxed in the USA at all, let alone IL. JB, how about we see your tax returns, and see how much you paid in Illinois taxes for the past ten years vs. how much your net worth has grown in that same amount of time? Betcha you didn't pay your "Fair Share". Bunch of hypocrites. And, I'm not arguing out of self interest, I'm retired and don't pay a nickel of state income tax anymore. And neither do the pensioners who retired with six-figure annuities from the state (I believe there are thousands of them, maybe twenty thousand?). But the kid who makes twenty or thirty grand at Sears? 4.95%. JB equals BS.

This is the guy who removed toilets from his house so he didn't have to pay the property taxes.

Originally Posted by bobsell

Summary:

Illinois government wants more money for cronies. Vote for a graduated income tax so they can give more money for cronies.

Wait, you expect them to actually FIX the fiscal situation? Not happening. .

They didn't fix anything when they raised the state tax last time.

[Mathguy]

Originally Posted by wase4711

sorry, thats not how it works for every category of business/corporations..

It isn't? Um, you ever set prices for a major corporation? Because I have and taxes are definitely factored in.

You see, investors require a certain return after tax based on risk.

The idea that you can just swing tax rates around without that impacting pricing would mean that the investors don't react to higher\lower returns.

In the short term perhaps, but not in the long term.

If you'd care to point me to a for profit industry that does not do this in the long-run I'm all ears.

[BRU67]

Originally Posted by deeman7

The commercial states that 'the rich' pay like 7% of their income on state/local taxes and the rest pay like 14%. And we need 'the rich' to pay their fair share.


How about instead of raising the 'rich' level to 14% we lower the regular guy's 'fair share' percentage to 7%?


But that won't happen

I think eventually, the State legislature will use its newfound power to raise taxes across the board. In other words, the definition of "rich" will ratchet increasingly downward. That'll be especially true if predictions by economists that a progressive income tax will chase "rich" people and businesses out of state come true.

I would vote no to this proposal. The only way I'd even consider voting yes would be if it came with a concurrent amendment to the Pension Clause.

[Kmanshouse]

Time to curtail the pensions, honestly. The numbers are just too big.

[Jon998877]

Originally Posted by Kmanshouse

Time to curtail the pensions, honestly. The numbers are just too big.

But that is something that will take a long time to accomplish, for people in retirement and nearing retirement, it is too late to mess with their benefits.

What needs to be done is extend the number of years that teachers spend in the classroom, no more retiring at the age of 56 with full pension, can not collect a 75% pension until 65 years old.. And then cap annual pensions at $80K, with that amount increasing 1% a year.

[Frank DeForrest]

Originally Posted by Frank DeForrest

You realize corps dont pay taxes, their customers do? All the corp does is collect taxes for whichever taxing body requires them to i.e. local, state and fed.

Originally Posted by wase4711

sorry, thats not how it works for every category of business/corporations..

Oh really?

Originally Posted by wase4711

maybe if companies like GE, Amazon, and the rest of the scumbag corporations, who spend millions on tax attorneys, to find ways to pay ZERO taxes were forced to pay their fair share, then the "rich" wouldn't always be blamed for all the fiscal ills in our society..Of course that would require politicians to intervene and do something about the ridiculous tax laws in this country, but then, they would have to pay their fair share too, and "punish" the lobbyists that give them millions every year, and we know that wont ever happen..

better tell GE, Amazon and the other scumbag corporations they dont have to calculate taxes into their operational cost and pricing structure.

[Jon998877]

How about the scumbag 50% of the people that don’t pay federal income tax?

[BRU67]

Originally Posted by wase4711

maybe if companies like GE, Amazon, and the rest of the scumbag corporations, who spend millions on tax attorneys, to find ways to pay ZERO taxes were forced to pay their fair share, then the "rich" wouldn't always be blamed for all the fiscal ills in our society..Of course that would require politicians to intervene and do something about the ridiculous tax laws in this country, but then, they would have to pay their fair share too, and "punish" the lobbyists that give them millions every year, and we know that wont ever happen..

We used to say this stuff all the time back in college, when I was young and liberal. "Make the rich pay their share!" "No corporate welfare!" Yada yada. And the adults in the room called us out for being the unrealistic idiots that we were and we were not taken seriously.

Things have really changed now. It seems like the adults pay attention to the Millennials like they are absolute genius prodigies when they spout off the same stuff that was outright laughed at 25 years ago. I mean, if I turned in AOC's Green New Dream as a term paper back in my day, I would have gotten an F, and my tail would have been parked in the same seat the following semester retaking the class!

To make sure I didn't give up on my dreams of a Utopian egalitarian society prematurely, how would your plan to make the rich pay more taxes work, exactly? My immediate concern would be that if we try at the state level (which is what this thread is about), the "rich" will just move to other states that have less punitive and confiscatory tax laws; e.g. Indiana, Wisconsin, Missouri, or Kentucky. And aren't you worried that giving extra taxation power, though well-intentioned, could have unintended consequences? Such as the one I cited earlier? And if so, how do you address those concerns?

And how do you "punish" lobbyists? For starters, wouldn't that raise First Amendment concerns?

Not trying to be a smarty britches, I just want to understand. Thanks in advance!

[bungalowdweller]

Originally Posted by Jon998877

I wasn't the one that made up the numbers... I am just tired of all the crying about the wealthy not paying their fair share of both federal and state taxes. Should the wealthy start crying that 50% of US residents pay no income tax? its currently the trendy thing to do, hate the wealthy out of jealousy.

That's because most people are financially illiterate. And are constantly propagandized concerning Equality. Illinois is losing 10 milllionaires a DAY. Those people are job creators.

Illinois pols aren't content to stop at raising the State tax. They have raised property taxes 25% and more on some residents. It's based on INCOME. If you are lower income you pay LESS property tax! They're also looking to tax pensions.

If this keeps up Chicago will end up like Detroit.

[jasperhobbs]

Originally Posted by bungalowdweller

That's because most people are financially illiterate. And are constantly propagandized concerning Equality. Illinois is losing 10 milllionaires a DAY. Those people are job creators.

Illinois pols aren't content to stop at raising the State tax. They have raised property taxes 25% and more on some residents. It's based on INCOME. If you are lower income you pay LESS property tax! They're also looking to tax pensions.

If this keeps up Chicago will end up like Detroit.

Source?