Friday, June 02, 2017

Privilege Tax?

And once again, Springfield fails to pass a budget - now they're going to attempt the "Connecticut Solution:"
  • The Illinois bill would put a 20% levy on fees earned by investment advisers. It passed the state Senate in a 32-24 vote Tuesday, and backers are hoping to get it through the House before the legislative session ends May 31.

    The new tax is pitched as a way to squeeze more revenue -- as much as $1.7 billion a year -- from hedge funds and private-equity firms, which purportedly get off easy on their federal taxes because of the “carried interest loophole.” But under the current version of the bill, Illinois would keep collecting the privilege tax even if Congress were to cease taxing carried interest at the lower capital-gains rate.
Connecticut tried something very similar - tax the millionaires and their companies to fill years of money mismanagement by democrats. Guess what the millionaires did? They packed up and left, leaving an even bigger hole in the state budget.

And if this nonsense stands, the same will happen here, which won't help this current news at all:
  • Illinois had its bond rating downgraded to one step above junk by Moody's Investors Service and S&P Global Ratings, the lowest ranking on record for a U.S. state, as the long-running political stalemate over the budget shows no signs of ending.

    S&P warned that Illinois will likely losing its investment-grade status, an unprecedented step for a state, around July 1 if leaders haven't agreed on a budget that chips away at the government's chronic deficits. Moody's followed S and P's downgrade Thursday, citing Illinois's underfunded pensions and the record backlog of bills that are equivalent to about 40 percent of its operating budget.
"Death Spiral" has become "Death Cyclone."

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Anonymous Anonymous said...

Thanks dummycrats and all who vote for them, Illinois' bond rating is now junk!

6/02/2017 12:10:00 AM  
Anonymous Anonymous said...

Thank Mikey Madigan who thinks he's the governor.

6/02/2017 12:17:00 AM  
Anonymous Anonymous said...

Ok, let me put this into words--- Illinois borrows money, which is where you get this bond rating... now Illinois want to implement a tax on the company its borrowing money from--- and yet it wonders why it bond rating is shit. Hmmm let me bite my own hand or foot maybe my tongue

6/02/2017 12:27:00 AM  
Anonymous Anonymous said...

They should have just moved them to junk. So as not to be beaten by Chicago. Tell me the place isn't going to be a ghost town. For the fools who just don't know any better the Democrats have a super majority. Which means they can pass all the bills they please. The Governor wants to freeze taxes and Madigan wants to raise them. All should be voted out. Everyone of them. The city is ran by Democrats, the County is ran by Democrats and the State is ran by Democrats. The DemocRATS messed this place up. Period.

6/02/2017 12:33:00 AM  
Anonymous Anonymous said...

Good Luck!

How many of these Illinois investment firms are now trying to decide between Houston, Dallas, and Miami?

That sucking sound is tax revenue rushing out of Chicago and Illinois.

6/02/2017 01:47:00 AM  
Anonymous Anonymous said...

I want to make fun of your state and Connecticut, but my state has even higher tax rates.

But our free spending Democrats are less visibily corrupt.

6/02/2017 02:13:00 AM  
Anonymous Anonymous said...

Democrats just don't get it and continue to do the same stupid things P.S. Great move by President Trump yesterday getting us out of Obama's Paris treaty deal. One more of Obama's destructive schemes corrected

6/02/2017 05:29:00 AM  
Blogger Mr. SouthSide said...

One step above junk bond status and they still spend, spend, spend.

6/02/2017 06:32:00 AM  
Anonymous Anonymous said...

I'm sure there would be a built in loophole so elected officials like Rahm, Madigan, Burke etc who are millionaires would be exempt from any "millionaires" tax

6/02/2017 06:49:00 AM  
Anonymous Anonymous said...

They will blame Rauner anyway.

This is next:

The Madigan-Cullerton Democrat death spiral continues.

6/02/2017 06:58:00 AM  
Anonymous Anonymous said...

(OT) will CPD do the same?

6/02/2017 07:26:00 AM  
Anonymous Anonymous said...

It is noteworthy that within a government of republican form, issues of taxation and spending must originate in the House, not the senate.

Illinois government can not even adhere to that basic fundamental baseline rule, instead having to do it backward.

Anything to take that money away from each and every person it can, from ever direction it can.

Gee, why does it, especially in chicago, even to this day fight the hardest against the Second Amendment?

6/02/2017 07:31:00 AM  
Anonymous Anonymous said...

Why not tax hair doos, manicures, tattoos, and gold teeth.

6/02/2017 07:44:00 AM  
Anonymous Anonymous said...

So when all the taxpayers leave the state, and move into a red state with a healthy economy, and you discover things aren't like they were "back home", please restrain yourselves from voting for all the things "just like back home".


6/02/2017 08:19:00 AM  
Anonymous Anonymous said...

Didn't I just read a few months ago about over 3000 millionaires have fled the city?
Don't these people ever learn.

6/02/2017 08:41:00 AM  
Anonymous Anonymous said...

Cyclone reminds me of the Wizard of Oz... in this case though you have Rahm following the Yellow Brick Road and Madigan behind the curtain screaming about how there's nothing to see... and Preckwinkle flying around on the bike while Dart is one of the evil monkeys

lol except that this State really is that screwed up.

6/02/2017 08:50:00 AM  
Anonymous Anonymous said...

They just pick up and move to Indiana up and running in 24 hrs

6/02/2017 10:10:00 AM  
Anonymous Anonymous said...

Lord, forgive me for saying this, but maybe Bernie Sanders and these fools are onto something, because if Wall Streeters can afford to pay former president Sparklefarts all that money to spew his crap in a speech, maybe we should "tax the crap outta them"!

6/02/2017 11:25:00 AM  
Anonymous Anonymous said...

Isn't that how Rahm made his dough? maybe he'll leave too.

6/02/2017 11:31:00 AM  
Anonymous Anonymous said...

Liberals HATE success. Success means that you don't need them, and they NEED you to be a victim. It is how they keep power. Therefore, anything that displays success or independence will be taxed or made illegal. Home ownership, biz ownership, weapons ownership, private education: you name it, they hate it.
They are incapable of success on their own (too stupid, too lazy, too crazy), and like good little sociopaths, what they can't have themselves they must destroy for others as well.

Once you understand how they think pretty much everything that goes on in a liberal district begins to make sense. You simply have to take all of the behaviors that produce a happy, healthy, prosperous society and turn them upside down and backwards. Destroy families, don't lock up criminals, punish the successful and reward the useless, you get the idea.

Once they reach a critical threshold in a community, that community WILL fall apart and die, just like any other life destroying pathogen eventually kills its host if allowed to grow unchecked. Not sure what the antidote for this particular infection is, but I have a sneaky suspicion that eventually it might involve copious amounts of lead administered to the circulatory system at high velocity.

6/02/2017 11:45:00 AM  
Anonymous Anonymous said...

It will probably effect the lower end advisors and not the multi-million dollar club who put their company license out of state and keep profits overseas, for instance, all tthose hedge fund managers that are in Rahm's Wine Club. They don't have to worry.
They won't tax the millions being made everyday already being earned by Rahm's bankers who continually rely on the nonstop borrowing spree.

And just a brief word to make about hidden funds...
I'd like to see the portfolios of all the obama Democrats that have manufacturing stocks in China and India that are infuriated with the Exit from The Paris Climate Scheme. Looks like their investments are going to take a hit for the next 20 years.
It's almost like a bad deal of Olympic proportion.

6/02/2017 11:59:00 AM  
Anonymous Anonymous said...

A state can't survive when half of its residents are NON tax payers......
Nor can it survive the Democratic Socialization of cradle to grave "assistance", the "take care of your friends" attitude of the politicians, who have gone from middle-class working people to now being among the wealthiest in our state, the refusal to pay its bills when due for the last 30 years....YES! THATS THIRTY YEARS Of kicking the can down the road.....that money was always allocated IN the budget, but they stole it for their "pork projects", special interest groups, overpaid contracts, too much staff in THEIR offices.....and on and on.....and won't even start the dialogue about political corruption.......
RUN.....RUN.....RUN......get the hell out of this state as fast as you can......the taxpayers here will never get a break from this state.....

6/02/2017 12:31:00 PM  
Anonymous Anonymous said...

Former Senate Bill 10 allows Illinois bondholders to go to the front of the line for debt re-payment if a municipality can't pay - the following article is from February, but someone told me Cullerton is trying to re-introduce measure (couldn't find it in new laws, though)

6/02/2017 12:32:00 PM  
Anonymous Anonymous said...

It's all over in Illinois, I was thinking of purchasing 20 plus acreage about 18 miles west of Kankakee and build an energy efficient home for myself and another for my son. This project was stopped dead in its tracks because of the reaction of the Dem's and their budget blocking tactics. It's going to cause materials, building permits, property taxes, and an increase in the state tax that's being proposed, all going up in costs. It's funny, but Wisconsin was always the state we CPD retirees were to avoid, because they tax our pension. I sat down looked at all of the taxes I would be hit with in Wisconsin and it was cheaper to live and build in that state compared to Illinois. For me, I don't mind the winters and Central Wisconsin isn't that different from Chicago's weather. So I'm in the process of purchasing 39 acreages with lake frontage in a state that's stable financially. I'm joining the migration to get the fuck out of Illinois, and I almost forgot, by not using U-Haul the Mayor will not count me, just like he doesn't count people being shot and killed on the expressways.

6/02/2017 12:37:00 PM  
Anonymous Anonymous said...

Bye bye Illinois

6/02/2017 02:43:00 PM  
Anonymous Anonymous said...

I'm leaving this shithole City, County and State because of all the taxes and fees and over bloated government, that the Politicians fail to cut!

6/02/2017 03:14:00 PM  
Anonymous Anonymous said...

Just watched a lengthy discussion on the Illinois ratings on CNBC with a rep from S&P and Nuveen. Bottom line (shocking) is the only way out is to increase taxes. They believe taking the state income tax back to 5% will eliminate about half the problem. The other half? Thank you sir, may I have another!

6/02/2017 03:44:00 PM  
Anonymous Anonymous said...

What a joke this whole fucking shithole city-state has become. When traveling I am now ashamed to admit to being from here. All these crooked pols should be put in boxcars and sent oneway to Clubfed. This is an unmitigated fucking disaster and will never ever be fixed. Goodbye Illinois, not the Land of Lincoln but Land of the Lost.
Thanks SCC and Happy Bday!#

6/02/2017 04:02:00 PM  
Anonymous Anonymous said...

The Chicago Board of Ed is so much in debt -about $8 billion and growing- that there is no way for the politicians to tax their way out of that. In this failed state, bankruptcy is the only solution but the politicians will not mention or do that until the next election cycle is over.

6/02/2017 04:46:00 PM  
Anonymous Anonymous said...

Anonymous Anonymous said...
Just watched a lengthy discussion on the Illinois ratings on CNBC with a rep from S&P and Nuveen. Bottom line (shocking) is the only way out is to increase taxes. They believe taking the state income tax back to 5% will eliminate about half the problem. The other half? Thank you sir, may I have another!

It will eliminate nothing. Historically the more taxes they collect the more they soend

6/02/2017 04:48:00 PM  
Anonymous Anonymous said...

Lets all work together and find a way for us to leave this shithole. Nothing here is for us.

6/02/2017 05:11:00 PM  
Anonymous Anonymous said...

Just wait and Rahm will find something else to taxs everyone with. they better check those Chicago backed bills. you might find more taxes attached to them.

6/02/2017 05:51:00 PM  
Anonymous Anonymous said...

Chicago is so much better since rahmie came along.

6/02/2017 09:28:00 PM  
Anonymous Anonymous said...

The heavy hitter Democraps are not close enough to their own shit to smell it. Their educated and wealthy socialist supporters aren't either. They fear losing their enslaved uneducated voter base, which steers their current agenda.

STAY FETAL, It's about more than protecting yourself.

6/02/2017 10:13:00 PM  
Anonymous Anonymous said...

"So when all the taxpayers leave the state, and move into a red state with a healthy economy, "

Yeah move to Kansas, there's a Red State with a Healhy Economy.

6/02/2017 11:19:00 PM  
Anonymous Anonymous said...

In 2015 Illinois ranked 5th in the US for federal taxes collected by State.
Citizens of the prairie state receive $0.45 back for every dollar they pay in federal income tax, which is the third lowest mark in America. Only 26.41% of state revenue is comprised of federal funds, which is the eighth lowest mark in the country.

In Alabama, residents see $2.46 in return for every dollar paid in federal income tax, which ranks third highest in the US. 36.64% of Alabama's state revenue is comprised of federal funds, which is 11th highest in the country.

Interestingly enough, red states, which tend to advocate for a lesser influence by the federal government, are much more dependent on the federal government than blue states. Blue states combined to form an average ranking of 18.3 (with 1 being most dependent and 50 being least dependent), while red states combined to rank 33.2 overall.

6/02/2017 11:47:00 PM  
Anonymous Anonymous said...

We know how much you love Maps.

6/02/2017 11:51:00 PM  
Anonymous Anonymous said...

Wow, these funds can locate anywhere. Most of them are incorporated in Delaware or off shore anyway. The partners already have homes in Florida, etc. They can relocate in the snap of a finger.

6/03/2017 07:42:00 AM  
Anonymous Anonymous said...

The Illinois retirees of all occupations have their move planned before they even sign their exit paperwork. I can't believe how many there are in my new surrounds across the pond. It's so nice because they have CASH and we don't have to go through all the finance BS.

If your leaders aren't paying attention to this demographic right now they sure better start.

I know in my 40s that living in Chicago made absolutely no logical sense.

6/03/2017 10:19:00 AM  
Anonymous Anonymous said...

Anonymous Anonymous said...
I'm leaving this shithole City, County and State because of all the taxes and fees and over bloated government, that the Politicians fail to cut!

Make sure you know where you are going. Most states tax your pension. That's huge and some of those states have higher state income tax rates
Also watch cities because some cities have a city income tax in addition to state taxes, taxing your pension and of course federal income tax

6/03/2017 10:32:00 AM  

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