Illinois Lawmakers Propose 75 Percent Income Tax Hike (money, states, billion)

[doc1]

Originally Posted by renault

....... It'll be interesting to see how much population Illinois loses in the coming years....."

True but who wants the type of voters that elect, re-elect and re-elect again the type of politicians that IL is stuck with to move into their state?

[WilliamSmyth]

Originally Posted by LauraC

Looks like our states will be taking in more fleeing tax refugees from Illinois. Now if they can just remember, when they get here, what caused them to flee their states and come to our conservative states so they don't turn our states into the disasters they just fled.

Your location says Tennessee. Based on a chart I just looked at,Tennessee's income taxes are higher than the new Illinois income tax.

State Income Tax Rates

[Frank DeForrest]

Originally Posted by WilliamSmyth

Your location says Tennessee. Based on a chart I just looked at,Tennessee's income taxes are higher than the new Illinois income tax.

State Income Tax Rates

Check yourself.
Tennessee has no personal income tax except for dividend and interest income (which is at the 6% you see listed).

[summers73]

Watching CNBC right now and a Wisc. lawmaker is touting his state as a potential tax haven, since it is proposed that tax rates will be lower than Ill. very soon. Wondering if that'll change things a bit?

[HappyTexan]

I hope the good people of ILL realize that no increased income tax is "temporary".

[gramirez2012]

Originally Posted by HappyTexan

I hope the good people of ILL realize that no increased income tax is "temporary".

Don't worry - we're not that stupid.

[Frank DeForrest]

Originally Posted by HappyTexan

I hope the good people of ILL realize that no increased income tax is "temporary".

They should.
Illinoisan's only need to look to the Illinois State Toll Road Authority for an example of what "temporary" doesn't mean.

[HappyTexan]

Originally Posted by Frank DeForrest

They should.
Illinoisan's only need to look to the Illinois State Toll Road Authority for an example of what "temporary" doesn't mean.

Toll roads ....HAH..any state can look to their toll roads.
How many times over has that road been paid for ?
Have you ever read of a toll road ending their tolls because the bonds to build the road were paid off and retired ?

That's on reason I am so against toll roads; they turn into a perpetual source of revenue long after the road has been paid for.

[southbel]

Shoot, federal income tax was initially meant to be "temporary". That tells you how temporary taxes tend to be.

[HappyTexan]

Originally Posted by southbel

Shoot, federal income tax was initially meant to be "temporary". That tells you how temporary taxes tend to be.

And, temporary aside, they don't even stay static..they only go UP.
This 75% is just a starting point.