Illinois Income Tax to Jump 50 Percent?

[mr_genius]

http://cbs2chicago.com/politics/income.tax...e.2.958201.html

 

Quinn has been hinting about the problems in the state budget this year for some time. He gives his first address on the subject next Wednesday, and there is word that income taxes will go up as 50 percent.

 

....

 

In addition, some business tax breaks would be eliminated

 

i don't approve

[HuskyCaucasian]

No one likes tax increases, but how do we plug a $9 BILLION hole? Not many options.

[Y2HH]

No one likes tax increases, but how do we plug a $9 BILLION hole? Not many options.

 

I have a wild and crazy idea...how about by not spending more than you have?

 

I'd love that new Fararri, but you see...I don't have the money to pay for it...SO I DON'T BUY IT! Why are these budgets out of control?! Because they don't follow them. When a person creates a budget and it falls to 0, it means they stop spending, that's the POINT of the budget. When it comes to the modern government, across the board, budgets mean nothing, because after the money runs out, they just keep spending more...and more. And no matter how much they raise tolls, taxes, sales taxes, liquor taxes, water taxes, fuel taxes...breathing taxes...they still don't stop spending. As much as they create, they burn 2x more and the deficits get WORSE and WORSE despite these tax hikes.

Edited March 13, 2009 by Y2HH

[mr_genius]

No one likes tax increases, but how do we plug a $9 BILLION hole? Not many options.

 

needs to be big spending cuts too. can't just tax our way out of it. people will spend less, business will look to relocate due to higher tax rates, economy will suffer.

Edited March 13, 2009 by mr_genius

[southsideirish71]

You know what stimulates the economy during a recession, raising taxes on individuals and business. This entire thing is like a bad joke. Between the state, Cook County, and the City you will be lucky to attract anyone to start a business in this area.

[HuskyCaucasian]

Between the state, Cook County, and the City you will be lucky to attract anyone to start a business in this area.

The site's been "Stale" for a while, but I like the idea...

http://secedefromcook.com

[Steve9347]

I love paying for things I have no control over and my one measly vote makes no difference in...

[Cknolls]

No one likes tax increases, but how do we plug a $9 BILLION hole? Not many options.

 

 

Oh maybe cut some dead weight from the state payroll, and have some pension reform with gov't employees.

 

1. Increase workers contributions to their pension plans.

 

2. Decrease workers benefits from their pension plans.

 

3. Increase (if they pay any) premiums for health insurance.

 

4. Increase state income taxes.

 

 

[jasonxctf]

does everyone here know that Illinois currently has one of the lowest income tax levels in the country?

[jasonxctf]

State income tax is an income tax in the United States that is levied by each individual state. Seven states choose to impose no income tax. These states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Additionally, New Hampshire and Tennessee limit their state income taxes to dividends and interest income only. As of 2007, the highest rate of state income tax is that of California, with a maximum rate of 10.3%. Of those states which impose an income tax, the lowest maximum rate is that of Illinois, which levies a flat tax of 3%. Most states (34) have a progressive income tax, where the rate rises as an income gets larger.

 

So, stop your b****ing.

[southsideirish71]

State income tax is an income tax in the United States that is levied by each individual state. Seven states choose to impose no income tax. These states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Additionally, New Hampshire and Tennessee limit their state income taxes to dividends and interest income only. As of 2007, the highest rate of state income tax is that of California, with a maximum rate of 10.3%. Of those states which impose an income tax, the lowest maximum rate is that of Illinois, which levies a flat tax of 3%. Most states (34) have a progressive income tax, where the rate rises as an income gets larger.

 

So, stop your b****ing.

 

I forgot its our patriotic duty so you can redistribute the wealth. Gotcha. How about this, spend less. Stop overcommiting your budget and then you won't have to increase taxes.

Edited March 14, 2009 by southsideirish71

[jasonxctf]

seriously, Illinois has the lowest income taxing rate in the country. We've underpaid for decades. Now that the State wants to tax at a fair rate, you've got a problem??? Were you praising the State for undertaxing for the past 20+ years?

 

 

 

 

[lostfan]

Here in MD it seems like our taxes are right behind federal in the percentage. It's ridiculous. IL's tax rates are really nothing compared to ours. I don't feel sorry for you guys, lol.

[southsideirish71]

seriously, Illinois has the lowest income taxing rate in the country. We've underpaid for decades. Now that the State wants to tax at a fair rate, you've got a problem??? Were you praising the State for undertaxing for the past 20+ years?

 

Undertaxing us? Now I have heard everything. No I don't want to praise a government that has overcommited its resources, and needs to lean on citizens during a recession because they can't control themselves. Live within your means, thats should work for the government too. I pay enough taxes.

 

 

[jasonxctf]

Here in MD it seems like our taxes are right behind federal in the percentage. It's ridiculous. IL's tax rates are really nothing compared to ours. I don't feel sorry for you guys, lol.

 

i'm sure residents of 42 other states agree with you.

[Balta1701]

Here in MD it seems like our taxes are right behind federal in the percentage. It's ridiculous. IL's tax rates are really nothing compared to ours. I don't feel sorry for you guys, lol.

This data is from 2005 so slightly out of date but it's illustrative. It does not take in to account cost of living or the amount paid by the federal government (i.e. you kind of expect CA to have a higher tax burden than some other states because simply running a school out here costs more, and places like MI get more tax dollars back from the Feds than us) but it is illustrative.

State-Local Tax Burdens, Calendar Year 2005

1 Maine 13.00%

2 New York 12.00%

...

17 Maryland 10.30%

18 Indiana 10.30%

19 Kentucky 10.30%

20 California 10.30%

...

30 Illinois 9.80%

The %age given is an attempt to average out over everything, not just income taxes but income, sales, property, hotel, fuel, etc.

 

Ah, here's the new data. In 2008 Illinois was still 30th.

[CubKilla]

Oh maybe cut some dead weight from the state payroll, and have some pension reform with gov't employees.

 

1. Increase workers contributions to their pension plans.

 

2. Decrease workers benefits from their pension plans.

 

3. Increase (if they pay any) premiums for health insurance.

 

4. Increase state income taxes.

 

As a State employee, I feel it important to let you know that.....

 

1. I am maxed out by FEDERAL LAW with what I pay into the pension plan from the last contract I worked under and my contributions come out of both my pay and OT pay checks. Further, to max me out FEDERALLY during my last contract, my raises were often not in my pocket but were sent right to the State's pension chest to shore up the State's pension system and to max me out.

 

2. Like with most pensions/SS, etc., most of the contributor's are living beyond in years what they contributed into the pension/SS, etc. But is the REAL problem? Could it be the State borrowing against the pension plan to pay for even more social programs and, furthermore, NOT paying their share into the pension system even after the borrowing? I'd say the borrowing and not paying their fair share has made the pension problems what they are today. No State employee has ever missed their pension deduction from their pay check.

 

3. My health insurance has been scaled back and I'm paying for more but less and, under the current contract I am now working under, the State can go back to the negotiating table after the 2nd year of a 4-year contract to "renegotiate" our current health insurance contributions.

 

4. You can only tax those that have to give MORE breaks to those who don't do a god damn thing for so long before those that have say enough's enough. I'm doing more than my part as a State employee.

 

As someone stated earlier, I'd like a Ferrari, but I can only afford a Kia. Time for the State to adopt a similar fiscal approach because those that the government are going to further tax are those that are already being taxed too much.

 

Oh yeah, and I hope your employer cuts your pay, asks you to pay more in medical, and tells you to start planning for your own retirement..... your's is costing him way too much after 12+ years of service to the company.

Edited March 14, 2009 by CubKilla

[lostfan]

Where'd you get 17 from? Maryland was 7 in 2003 unless I'm looking at the wrong data. Our taxes have gone up since then so now we're 4. Sounds about right. Maryland's state motto should be "If you can dream it, we can tax it."

[zimne piwo]

Ok I've been out of state for a while, but did they ever rescind that tax in Chicago on soda pop that dilweed Kozubowski pushed though not long before he got sent down the river for embezzlement, racketeering and ghost payrolling?

[Texsox]

I forgot its our patriotic duty so you can redistribute the wealth. Gotcha. How about this, spend less. Stop overcommiting your budget and then you won't have to increase taxes.

 

Yes, they take your taxes and redistribute it to cops, and teachers, and highway workers, firefighters, and etc. etc. etc. Everyone wants to live in a first class country but pay third world tax rates.

[Texsox]

Oh maybe cut some dead weight from the state payroll, and have some pension reform with gov't employees.

 

1. Increase workers contributions to their pension plans.

 

2. Decrease workers benefits from their pension plans.

 

3. Increase (if they pay any) premiums for health insurance.

 

4. Increase state income taxes.

 

I am certain that you would do this voluntarily for your company? Or perhaps take that super comfy government job? People keep wanting the greatest service from their government and pay bottom barrel prices.

[whitesoxfan101]

You guys can come in here and give every fact you want about how low Illinois' income tax rate is, but the fact is that there is going to be outrage no matter what if you raise ANY tax 50 percent at one time.

[southsider2k5]

State income tax is an income tax in the United States that is levied by each individual state. Seven states choose to impose no income tax. These states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Additionally, New Hampshire and Tennessee limit their state income taxes to dividends and interest income only. As of 2007, the highest rate of state income tax is that of California, with a maximum rate of 10.3%. Of those states which impose an income tax, the lowest maximum rate is that of Illinois, which levies a flat tax of 3%. Most states (34) have a progressive income tax, where the rate rises as an income gets larger.

 

So, stop your b****ing.

 

As gets thrown in my face when I mention the nearly 50% of people who don't pay income taxes in the US, there are a lot more than just the income taxes that go on here. For example the property taxes in IL, are hugely expensive, as are many of their fees that go back to the state.

[Chet Lemon]

Yes, they take your taxes and redistribute it to cops, and teachers, and highway workers, firefighters, and etc. etc. etc. Everyone wants to live in a first class country but pay third world tax rates.

 

We should keep cops cuz they carry guns. All teachers are failing because they are paid by government and are union members. John Stossel and the libs at ABC tell me that all the time. My old man was highway worker, so they are cool. I only started liking firefighters when I bought my FDNY hat after 9/11.

 

[Y2HH]

Yes, they take your taxes and redistribute it to cops, and teachers, and highway workers, firefighters, and etc. etc. etc. Everyone wants to live in a first class country but pay third world tax rates.

 

And I have no problem with the redistributing it to them, but if you honestly think it's stops there, then they've got you fooled. It also goes into the pockets of the gov/mayor/other elected officials, their friends companies pockets, and 50 other ways to skim the systems pockets. Then, it goes to the people who sit at home, have 8 kids and collect welfare with absolutely no plan nor ambition to ever get off of welfare. A first class country wouldn't allow that system to be exploited such as it is. It's called fiscal responsibility. Our government, federal, state or local has no fiscal responsibility. And why should they, they aren't paying for any of it anyway...we are!

 

They increase tax all the time, on everything, yet they're still in the hole. Fine, up the IL tax, I bet they're STILL in the hole and their budget deficit gets WORSE, not better as it should. Then, increase them some more...may as well, it's not like anyone will do much about it. Then, after that, increase them even more -- I look forward to 60% of my paychecks going to this kind of bulls***, because we're already headed that direction.

 

First I'm taxed on what I make...then I'm taxed again on the SAME MONEY when I buy something...and then, heaven forbid I sell something, they'll tax me AGAIN.

Edited March 14, 2009 by Y2HH