Illinois to "surcharge" millionaires??? (healthcare, economic, guns, California)
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States officials themselves have stated they're auditing high income earners who've fled to states with lower taxes.
Why wouldn't they? Lots of high-income residents have multiple homes / businesses in different states. It is only right that they audit them to ensure they are paying taxes.
Which also means they're spending their money in the wrong places, and I am not talking about public infrastructure and schools.
Not necessarily. Tax haven Texas has a huge budget deficit, and its budget is almost exclusively education and health care (both of which it scores poorly to worst). Taxes are annoying but they are necessary fund services.
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Originally Posted by e30is
Unlike you I don't want people losing their money.
Yes, you're right. I could care less about people losing their money. I don't live in Chicago but I do business there several times a year. You can't find a waterfront park system, or public transit system (outside of NYC / BosWash) like it anywhere else in the country. Taxes pay for services whether we like it or not.
His previous source was directly cited as an op-ed.
As for this source, Bloomberg News has a hell of a lot more anecdotes to produce the same kind of evidence as a data study. Two multi-millionaires fleeing is hardly evidence for "most millionaires will flee."
The data says most millionaires do not flee, and the state gets a lot more revenue in the process.
Here is a counter op-ed, which cites the same study I provided for you. The data for New Jersey was 27 millionaires fled for every one thousand, a meager 0.27%. Would a state rather have 27 more millionaires or a couple more billion dollars in revenue? You decide.
Apparently, there is a "creation of new millionaires" according to that article, without citing a reference to the creation of their wealth in NJ. It also doesn't show how a millionaire tax fixes the state's financial woes.
His previous source was directly cited as an op-ed.
I posted two sources.
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As for this source, Bloomberg News has a hell of a lot more anecdotes to produce the same kind of evidence as a data study.
Again, because you don't seem to be catching on... States audit high income earners who've fled to states with lower taxes. They wouldn't need to do that if the study you cited was accurate in any way shape or form.
Not necessarily. Tax haven Texas has a huge budget deficit, and its budget is almost exclusively education and health care (both of which it scores poorly to worst). Taxes are annoying but they are necessary fund services.
Not to mention that they still have a thriving economy and a low unemployment rate.
Growing population and building infrastructure adds public debt, but if you get a good return from this investment, it's a good strategy.
In summary for the economic education challenged - spending public money is not necessarily bad when you get a good return on investment for necessary expenditures. Spending public money on stupid crap that you have no hope of paying back even with sky high tax rates is generally not the road to riches from a state government's perspective.
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Originally Posted by ErikBEggs
Yes, you're right. I could care less about people losing their money. I don't live in Chicago but I do business there several times a year. You can't find a waterfront park system, or public transit system (outside of NYC / BosWash) like it anywhere else in the country. Taxes pay for services whether we like it or not.
I don't care about a "waterfront park system" nor a public transit system. Those aren't going to be beneficial to a city that has tried to close its schools.
Different strokes for different folks. Some people may want a larger house, some people value convenience / amenities. The data says millionaire taxes don't cause millionaires to move. One factor is that millionaires tend to choose places to live that have what they desire, regardless of the taxes. You won't convenience an affluent Southern California resident to pack up and move to tax-friendly Texas. However, this move is far more enticing to the middle class folk.
Don't tell me that millionaires do not leave a location because of higher taxes. Check what happened in Sweden in the 1990's and get back to me.
I just gave you a sound argument as to the economic benefit for millionaires to leave Illinois. Disregard it if it makes you feel better.
People who have the ability to retire, move, and live off their savings have higher than average incomes to begin with..
We never made more than $58,00 a year. I am 57 YO and could pack it in tomorrow and get a Florida condo by simply writing a check. Many Americans could. You do not need to be a six figure earner to do what you stated. You need to have made a decent buck and used good sense in your spending and saving habits.
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.
Hahahahaha! So well put.
If you told me that Illinois' state government is about to enact a surcharge on breathing air, it would not surprise me. I tell family and friend visiting that Illinois taxes are as steep as they are because we have to pay for all of the corrupt politicians. How many times has somebody been busted for robbing the IL tollway piggie bank?? I also tell them that you have to have been convicted of a felony before you can run for governor. Meanwhile all the rich fat cats and the corporations are only sticking around because the state and local govt has made some deal with them so they pay a bare minimum of taxes. An extra tax on millionares is just another tax that most of them will get to opt out of.
The state of NY tried to stick to their guns on a similar tax targeting rich cats. Result? Most of the changed residence to Florida or some similar state, didn't have to pay the tax and thee state of New York actually lost money in the bargain. Same thing will happen here if they push it. They all just move to Kenosha WI.
And when will the GOP ever learn that lowering the minimum wage is the ultimate deal breaker. Push that and you lose, guaranteed.
Wish we another choice. Both parties just suck in general, but even moreso in IL.
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