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When was the last time someone proposed a 75% SPENDING cut?
Funny how spending cuts are never the "emergency" that the increases are.
I moved from IL two years ago, but still own a home there and this is the type of governing that makes me never want to go back.
Illinois liberals are some of the most clueless voters around.
Not sure how your comment is on-topic, but yes, I agree. Did you think that I wouldn't?
Again, if someone doesn't like the laws, rather than calling other people names, the more mature thing to do is to try to either change the laws and elect new representatives, or move to a state that you like better.
Illinois as a state government is in a serious world of hurt. Their state troopers are not being allowed to fill up with gas at gas stations on the state card and I heard the state prisons are running low on heating oil and suppliers are refusing to ship any more on credit.
Bottom line is this is a microcosm of what could happen on the national scale if significant measures are not taken immediately.
There will be pain, that is certain, for all of us. Some financial talking heads are suggesting a state pension default rate of 49/50 in the near term.
How does raising it from 3 to 5.25% (for four years) compare with other states?
I know that a few (seven Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming, do not tax personal income) but the rest do.
Michigan is currently a flat rate of 4.35%.
1967 Michigan Perrsonal Income Tax established at 2.6%
1971 Increased tax rate to 3.9 percent.
1975 Increased tax rate to 4.6 percent.
1982 Increased tax rate to 5.6 percent effective April 1, 1982 through September 30, 1982.
1982 Returned tax rate to 4.6 percent effective October 1, 1982.
1983 Increased tax rate to 6.35 percent for calendar year 1983.
1984 Reduced tax rate to 5.35 percent as of September 1, 1984.
1986 Reduced tax rate to 4.6 percent effective April 1, 1986.
1993 Decreased tax rate to 4.4 percent effective May 1, 1994.
1998 Reduced the tax rate by 0.1 percentage point per year beginning in 2000, with final reduction to 3.9% occurring in 2004.
2007 Increased tax rate to 4.35% effective October 1, 2007.
Beginning October 1, 2011, and each October 1st after 2011, the rate is reduced 0.1% until the rate reaches 3.95%.
Just to note: Michigan Governors have been Republican, 1963-1983 and 1991-2003.
If they want to continue to chase people out of the state, they've got the right game plan for doing so.
All that money that Chicago got for selling their parking meters didn't last very long, did it?
Some other state tried a tax on the upper middle class and they all took off.
Now the state is backing off but it's too late as those people are gone now.
Can't remember what state but they just removed that tax.
Under the plan, Illinois’s one-rate individual income tax will rise from 3% to 5.25%, a 75 percent increase. The corporate income tax will rise from 7.3%[3] to 10.9%, a 49 percent increase and becoming the highest state corporate income tax in the United States and the highest combined national-local corporate income tax in the industrialized world.
In this housing market--the average worker is going nowhere and will end up sucking it up.
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