Illinois income tax to shoot up 75%

[nick1985]

http://abclocal.go.com/wls/story?section=news/local/illinois&id=7884753

"It is going to cost you more, but Democratic leaders say it is necessary. The state has to close a $15 billion budget deficit, but the plan still needs to be approved by the Ill. House and Senate. "


Dont worry though, after 4 years it will go back down again. *snicker*, just like the toll roads.

Hats off to this piece of shit state. Democrats ran it into the ground and now are sucking the populace dry.

 

[halik]

percentage of percentage... *cringes*

 

[EagleKeeper]

What tax ever gets reverted/repealed?

Then they want to take the income tax paid by everyone and sent $$ back to property owners - what about the renters that are paying income tax - no rebate for them?

 

[nick1985]

What tax ever gets reverted/repealed?

After 4 years the income tax will go back down to just above of what it is now...supposedly. Just like the toll roads here were supposed to go away...

Then they want to take the income tax paid by everyone and sent $$ back to property owners - what about the renters that are paying income tax - no rebate for them?

If you don't fit the mold the government sets in place then you get fucked in the ass

 

[nick1985]

percentage of percentage... *cringes*

If it was you suddenly coughing up over a grand a year more to a state government that wastes billions you would be pissed off too.

 

[PeshakJang]

This was the best part of my morning; listening to WGN, they had a clip of one of the IL Democrat lawmakers:

Raising taxes on businesses in the state helps the businesses!

Can't make this shit up.

 

[halik]

If it was you suddenly coughing up over a grand a year more to a state government that wastes billions you would be pissed off too.

My comment was regarding you computing percentage increase of a percentage base... something about that rubs me the wrong way.

Even after the bump, their state rates are lower than mine. Someone's gonna have to plug that half-of-their-budget hole.

 

[nick1985]

This was the best part of my morning; listening to WGN, they had a clip of one of the IL Democrat lawmakers:



Can't make this shit up.

If only Bill Brady had a few more votes.../sigh

 

[Pens1566]

Move

 

[Blackjack200]

My comment was regarding you computing percentage increase of a percentage base... something about that rubs me the wrong way.

Even after the bump, their state rates are lower than mine. Someone's gonna have to plug that half-of-their-budget hole.

Why? If the tax went from 3% to 6%, wouldn't you say that the taxes "doubled"? And wouldn't that be the same thing as saying they went up 100%? What's the difference?

 

[kranky]

Dont worry though, after 4 years it will go back down again. *snicker*, just like the toll roads.

PA instituted an "emergency tax" on liquor sales in 1936 to help pay for damage from the Johnstown Flood. It's still being collected.

 

[brandonb]

This will happen everywhere eventually. As more people use government services, those who don't will have to keep paying the difference and the taxes will rise. Eventually those who do not use services will likely have to either move (which causes taxes to rise more to make up for it) or will these people will break down and be part of the system using services. There is only so much that can sustained before breaking down and we're starting to hit that point in this country.

 

[spacejamz]

percentage of percentage... *cringes*

75% was the percentage in the title of the linked article.....

 

[K1052]

The legislation will include the roll back provision for most of the increase, with the rate settling around 3.75% after the 4 year period. so 3% to 5.25ish% for 4 years then down to 3.75%. There is no way a bill would get enough backing to pass if the 5.25% was permanent.

 

[nick1985]

The legislation will include the roll back provision for most of the increase, with the rate settling around 3.75% after the 4 year period. so 3% to 5.25ish% for 4 years then down to 3.75%. There is no way a bill would get enough backing to pass if the 5.25% was permanent.

Wait, do you think the rollback will take place in 4 years? If so, I have a bridge to sell you.

 

[K1052]

Wait, do you think the rollback will take place in 4 years? If so, I have a bridge to sell you.

The law would have to be amended which would definitely not get past the Republicans. The governorship will also flip to them most likely in the next election.

 

[PeshakJang]

Move

I already did.

 

[nick1985]

The law would have to be amended which would definitely not get past the Republicans. The governorship will also flip to them most likely in the next election.

How do you feel about shelling out this extra cash to a financially irresponisble state? Given your support for the state governemnt in the past, I'm going to guess that you are fine with it. How much do you make? How much more will you get boned for a year?

 

[K1052]

How do you feel about shelling out this extra cash to a financially irresponisble state? Given your support for the state governemnt in the past, I'm going to guess that you are fine with it. How much do you make? How much more will you get boned for a year?

Many states are in similar or worse positions, I don't feel good but the facts are the facts. The state is already waaay behind on a huge pile of payments and it's costing a fortune in interest. First and foremost the state needs to get caught up so we're not burning up more money in interest owed.

Next the state government needs to continue going after the pensions which are killing us.

 

[ElFenix]

percentage of percentage... *cringes*

and this is why people have differentiated between "percent" and "percentage points." usage in the OP is correct if rates, for example, went from 4% to 7%. that would be up 75% or up 3 percentage points.

 

[FallenHero]

Many states are in similar or worse positions, I don't feel good but the facts are the facts. The state is already waaay behind on a huge pile of payments and it's costing a fortune in interest. First and foremost the state needs to get caught up so we're not burning up more money in interest owed.

Next the state government needs to continue going after the pensions which are killing us.

Actually last numbers I saw put Illinois BEHIND California in terms of debt load and likelihood of bankruptcy. As in, Illinois is DEAD LAST and we just borrowed more money to pay for our current debt.

 

[halik]

and this is why people have differentiated between "percent" and "percentage points." usage in the OP is correct if rates, for example, went from 4% to 7%. that would be up 75% or up 3 percentage points.

I think you mean basis points, that's why that term was invented

 

[Lemon law]

If nothing else, yah Horray, Nick1985 will be finally be paying his fair share of taxes.

You could always move to Ohio, and live in a Bohnerville. But if you want good roads and infrastructure, you gotta pay for their upkeep.

 

[K1052]

Actually last numbers I saw put Illinois BEHIND California in terms of debt load and likelihood of bankruptcy. As in, Illinois is DEAD LAST and we just borrowed more money to pay for our current debt.

IIRC, on a per capita basis we are nowhere near the worst as far as debt load.

 

[ElFenix]

I think you mean basis points, that's why that term was invented

no, i mean percentage points. a basis point is 1/100th of 1 percentage point. in my example it would have been 300 basis points.