BOHICA!
- Illinois families making more than $1 million a year would see their state income tax rate rise three percentage points — a 60 percent increase in the rate — and those earning up to $100,000 a year would see their rate drop a fraction of a percentage point, a dip of 1 percent.
And some of those in the middle — families making more than $250,000 a year — would see their income tax rise from the current 4.95 percent levied on all taxpayers to 7.75 percent.
Those were some of the highlights of Gov. J.B. Pritzker’s long awaited proposal for a graduated income tax, which he argues will make the tax structure more “fair,” but Republicans are denouncing as a job killer.
Not only a job killer, but something that will only accelerate the rate of people leaving Illinois. If you can afford to leave, why wouldn't you? And if it's just a paper move to another one of your houses, why wouldn't you play that game?
JayBee the Hutt tries to make it sound like it's a great thing:
JayBee the Hutt tries to make it sound like it's a great thing:
- After more than a year of dodging specifics on the campaign trail, Pritzker on Thursday unveiled the proposed tax rates, which he’s touted as an essential fix for the state’s dire finances. And he noted that he, as a billionaire, would be paying 3 percent more in income taxes.
Really? Because last time we checked, the salary for governor was only $177,000. That puts him at the low end of things. He can defer so much more (and has) via assorted tax schemes available only to the very rich - like uninstalling toilets in mansions and similar. Is JayBee going to be releasing future and past tax returns so that voters can see exactly how much his taxes are "going up"?
Labels: state politics
posted by SCC at 12:01 AM
56 Comments:
Saw the spread as well.
It's like $250,001 gets you another 2.75% in taxes -- FOR WHAT?? That is a HUGE jump and snares a LOT of middle class people.
I could see that type of jump maybe at $500,001 but $250,001? That's 2 people making $125,000 apiece. Is THAT considered the 1% in this country???
I don't think so.
ANOTHER HOLLOW PLAN -- CUT SPENDING!!!!
It's ok...
All the "rich" people can pay for this.
Might cutting spending be a better alternative?
SCC
No thread about the Mayoral Debate?
I'm surprised!!
Some good insights as to each candidate - but nothing hardball, thanks to Carol Marin.
I did not see a lot of creative thinking up on that venue. A LOT of cat fighting and success shaming.
Preckwinkle questioned Lightfoot's work at a major law firm? SO WHAT?
Neither really talked about hard issues like cutting spending. Poor choices of questions by Carol Marin. Funny no mention of Smollett and the waste of money and resources he caused.
Once they get people to vote to change the state constitution and go for this, then they can adjust the rates at will. I so badly want out of here! I feel that the leadership is taking crazy pills!
SCC,
We’re not wealthy by any means, do we mind
paying 30 basis points more in taxes?
No!
We’d like to live in a city where our first responders
are compensated for the hard job that they do,
and can rest assured their pension is sacrosanct!
We can afford it, and I’d be willing to bet so would
a multitude of others.
Tim
You will not see these families moves reflected in the U-haul rates to/from Chicago.
People making mid six figures and seven figures use Allied or another professional mover.
You will see their moves reflected in the “unexpected income tax shortfall.”
And only $10,000.00 of these taxes will be deductible from their federal taxes.
Another reason for successful job creators to pack up and leave Illinois.
A smart governor would realize this, and cut taxes to keep and attract well off taxpayers. Unfortunately Illinois has a Democrat hack.
you voted for it. now go suck on it.
guaranteed gov. trust fund will never pay the top rate.
shit, and i thought BOHICA was some sort of cuban thing.
As Rauner pointed out, JB has never made money on the billions he inherited.
You don't want to move over to Indiana. Property taxes are moving up fast to pay for schools, roads, etc.
3 years ago 2,600.....now 4,300.
You have alot of small taxes..car every year, garbage tax every year, etc
You don't want to move over to Indiana. Property taxes are moving up fast to pay for schools, roads, etc.
3 years ago 2,600.....now 4,300.
You have alot of small taxes..car every year, garbage tax every year, etc
So, basically now 5,100.
Mt. Greenwood i pay 4,200.
It's like $250,001 gets you another 2.75% in taxes -- FOR WHAT?? That is a HUGE jump and snares a LOT of middle class people.
-----
You can't actually believe an income of a quarter million dollars a year places you in the middle class.
I'll bet your pension that there will be a "loophole" that exempts the more wealthy of the legislators from any increases!
The rates will change once they open up the constitution. They are as stated now just to get enough votes to pass. Eventually, anyone getting over $75,000 a year will see their taxes increase.
Here is idea: As long as we are opening up constitution, let’s fix that part about pensions. How is it a state employee can earn more in retirement than a lot middle class workers can take in during their prime earning years.
Not one word about cutting spending. the typical Demorat BS!
A. Self-serving Demorat B. Self-serving Trust Fund Baby C. Self-Serving Power Broker . Too bad more of him on tape wasn't released
The democratic way, Taxes, taxes and never ending taxes! Don't pay down debt! Don't repair crumbling infrastructure! Don't ever lower taxes on any level! Just keep going to the well and keep taking more and more!
Sure everyone is going to pay more taxes.....just where are the corporations that our illustrious millionaire state congress, senate, and governor own or are shareholders, pay their corporate taxes.....certainly not illannoy!!!
This tax increase, along with Illinois sky-high property taxes $6,000 a year on a $200,000 home), will further increase the exodus of productive, hard-working citizens in this state.
Do you think I can shelter part of my income in off shore trusts like some other people do?
Once they get the state constitution changed for this they will work on changing the constitution regarding that pesky pension guarantee, shortly thereafter Illinois and Chicago will declare bankruptcy and you will see your taxpayer funded pensions cut-enjoy it while you can.
Would pensions still be free from the state income tax? That is my only incentive to stay in Illinois, other than family. Already do all my grocery shopping, gas, etc. in Indiana. If and when Illinois starts to tax my pension, I will move across the border to Indiana.
This plan is based on re-writing the constitution. I know that there have been attempts in the past for such a vote does anyone with knowledge of such matters know whether attaching this tax plan to a constitutional amendment make it more or less likely to amend it?
A child can see... we can’t tax our way out of this mess.
This is some serious bullshit. between the two of us we make $254k. We don't drive fancy cars, wear expensive clothing or even improve on our home. We do pay for private school for three kids as CPS is not up to task and we pay for CPS in our taxes. We are not rich, we have food, take one vacation and work hard. I don't know how people making less, just plain make it.
This new tax plan is going to help us how? The pensions never get paid, and the rich just get richer.
Can't wait to see this motherfucker in the rear view.
Maff is haaawd.
There' is utterly ZERO possibility that jacking the tax rate this much on the relatively few people it really hammers is going to balance Madigan & Co's rapacious spending spree. The numbers Do. Not. Add. Up.
High marginal income taxes hammer hardest the "working wealthy," like surgeons and mid-level business owners who are not RICH but who can afford $750,000 homes and $100,000 cars. The truly rich (like JB-the-Hutt) have wealth, not income. Most "working wealthy" live well, but aren't in the 0.1% like JB and his tranny-bro.
If this passes, look out if you own a Lexus or Mercedes Benz dealership, and watch it help gut the prices of real estate between $500,000 and $1,000,000 as everyone who can flee IL does so.
IL is run by Chicago, and Chicago is run by the descendants of Al Capone (most of whom are democrats.) The game is paying yourself and your buddies through contracts and such. IL is One Big Criminal Enterprise run from the State of IL building.
"We’re not wealthy by any means, do we mind
paying 30 basis points more in taxes?
No!"
- - - -
Sorry you're an idiot. If it wasn't for graft, corruption, incompetence and inefficiency (among other failures) no tax increase would be necessary. Willingly ponying up an increase (abetting) solves absolutely nothing. It only buys time until the next increase. Post your value-signaling garbage somewhere else.
You voted for this jagoff now live with him.
Using the usual theme of liberals, " let the rich pay their fair share", Governor JB and the dems are going for a change in the state constitution to raise billions in more taxes. But, no talk about reform in government, control of spending, no talk about taxing pensions ( which is what they want to do) which probably will happen once the door is open on the constitution. And, if you think that local governments will hold down real estate taxes once the flood of new money comes their way, I think you are a very stupid tax payer. Yes, hold down taxes on the middle income earner until you open the door on the constitution and then there are no controls over the free spending political class. I do not trust them
Another genius move by the democrats. Seriously? People leaving Illinois in droves and this idiot decides to INCREASE taxes? No mention of any decrease in spending - oh no, that’s never on the democratic agenda.
When Barry the Muslim raised the taxes on luxury items like boats and planes, they stopped buying them. That sure showed the rich people. In turn workers who build the boats and planes were laid off. Someone making 50-60k lost their job. The thought process is asinine.
Oh yeah...
They want to "punish" state and municipal pensioners
for being "disloyal" and leaving for red states where
they can save more/keep more of their treasure.
This nonsense is specifically directed toward retired L.E.
"Who do you guys think you are for taking your 'overly lavish
$100k Cop pensions' and fleeing to selfishly keep your money for yourselves?
If Illinois was good enough for you to make all that money then it's
only 'fair' that you have to spend that money here."
...Or some similar such crazy shit.
Millionaires can shelter in place to protect their dollars
from ever-grasping/over-reaching politicians.
Retired L.E. who have played by the rules and deferred gratification
are compelled to protect their meager treasure by letting their feet
do all their talking for them.
And not just retired L.E., but all those who see the ugly
handwriting on the Illinois wall who exercise enough intelligence
and self preservation to GTFOH before J.B. & The Sunshine Band
collapse this state like a mud brick shit-shack in a hurricane.
The Free Shit Army will survive intact.
J.B. and his fellow millionaire travelers have
already covered and shielded their assets.
It'll be the "rich" middle class who will
get their buttocks bent over a rail and made for sport.
Anything to keep from getting The Free Shit Army
all riled up...
Right?
Anonymous Anonymous said...
And only $10,000.00 of these taxes will be deductible from their federal taxes.
Another reason for successful job creators to pack up and leave Illinois.
A smart governor would realize this, and cut taxes to keep and attract well off taxpayers. Unfortunately Illinois has a Democrat hack.
3/08/2019 02:17:0
More than likely none of it can be deducted. The $10,000 limits applies to your property taxes and you state or other taxes
These guys pay more than 10,000 in property taxes so state tax is out or if you use the deduction for state taxes your property tax deduction is out
And the exodus continues buy stock in moving companies and uhaul you will make a fortune easily!Don't forget we live in the most corrupt city-state-county in the country!
If they open the Constitution, time for term limits. No more than two terms.
Demorats = socialism = communism. All the same shit. The same end game. After they disarm the citizens, they can move on the rest of the commie agenda with shit like this. https://www.theepochtimes.com/former-intern-recalls-horrific-experience-of-witnessing-live-organ-harvesting-in-china_2821357.html
Right now, they only do it through planned parenthood "harvesting" fetal tissues (organs). But you know in their hearts they would love to emulate their fellow international comrades in this way, and lie like hell about it.
Funny isn’t it.
Higher taxes but for those taxes there’s no promise prosperity, just revenue to spend-spend-spend on freeloaders entitlements.
JB Pigster isn’t running anything related to finances, the man never had a job, it’s all Madigroin’s doing.
These two hide their money.
Nobody is going to dig up their shell companies and no Dem is willing to dispute it either.
Go ahead and leave. Dems don’t care.
It will keep them in power and forget about ever seeing the GOP here again.
There’s nothing more the Dems want than an uninformed underclass willing to stand in bread lines with their hands out for free stuff.
So long as they keep voting Democrat.
Hey Timmy, some feedback on your comments...
"do we mind paying 30 basis points more in taxes?"
If you are referring to the 3% increase, that is 300 basis points. And on the claim in the article about "lower" taxes for the low income brackets...going from 4.95% to 4.90% is not really a decline. They only did that so they could say 95% are paying less. Right, $200 less a year (more than offset by the annual property tax increases).
"We’d like to live in a city where our first responders
are compensated for the hard job that they do,
and can rest assured their pension is sacrosanct"
If you think the higher taxes are going to higher police pay or pensions, you are a fool. They said the same thing not that long ago when the taxes jumped 60% from 3% to 5%. The unfunded pensions and annual debt actually got worse. Not to mention property taxes have increased significantly during the same period. Illinois will be the highest taxed state in the nation (I think Illinois in Top 5 highest already).
"We can afford it, and I’d be willing to bet so would a multitude of others."
Good for you. But you are wrong. Illinois is only 1 or 2 states that have been losing population for the last several years. And the net tax loss is masked by a most of those leaving are at a significantly higher income than those moving in (many being unemployed illegal aliens).
So while the last 25 years here have been good for the most part, my family will be moving to Indiana and working from home with the occasional visit to Chicago. But to show we have no hard feelings, Timmy, as a parting gift, we will be leaving you our household's share of the unfunded liabilities...$250k (that is the $50k owed per person for our household based on latest state accounting calculations).
Good luck, buddy!!!
For a good explanation with some math.
https://capitolfax.com/2019/03/08/taxsplaining/
First you had Smart Flight then White Flight and your in store for Wealthy Flight. So for every million leaving state there goes $76,500 per million. The law of diminishing returns will cause this tax to fail just like the famous Sugar Tax. More money lost on other things than the pop tax could collect. Yhey got million dollar bank accounts by not being stupid. Predict a lot of movement to FL,Tx,AZ and TN. All states with no state income tax. The rich are very mobile and and gave very smart accountants. This too will fail to fix the problem in fact may wind up making the problems much worse. Every million dollar earner Keating is taking his $76,500 with him. Can get some pretty nice digs for $76,500 per year. Remember that $76.5 is onlying on first million if they make $10 million the number goes to $765,000.
That tax increase also applies to corporation profits. Bet there are a lot of corporation looking for an out. Amazon must have seen this coming. Predict lots of tax abatements coming to try and keep many large employees from picling up stakes. Was a worst case senerio run when looking at this increase. Doubtful since this a Democratic idea and their projection are always 57-70% too high. Think Sugar Tax as last example.
LOL your screwed.
Good time to open a US haul location or buy a 2 guys and a truck franchise.
Remember that promised 30% increase in County wide real estate tax right after election. They will be coming after your money hard and fast after new Mayor installed and Prickwrinker is back at her desk looking for revenge.
Go to the Illinois Policy Institute and check it out. Short, informative articles that are spot on and tax payer heart stoppers. Exposes the BIG LIE about the Democratic Socialist Peoples Party in Springfield. Read Jaba da Hut's Progressive Tax Plans for you and me. Read all about how Jaba will separate you from your money. The best part of Jaba's tax plan is when he says everyone gets to pay their "fair share" and its good for the "middle class".
It's almost as funny as Rahm's lies about "Chicago Values" or as terrifying as "Das Kapital" by Karl Marx. Soon to be required reading at the local school, library or the re-education camps coming to your area soon. Check the site out. illinoispolicy.org/
This is right in the communist manifesto.
Government enforces all edicts by brutal force and gives salary and pensions high enough to find enforcers to enforce unjust laws and taxes.
Liberty is keeping most of what you labor!
The fat man will fatten up the amount you owe Illinois per taxes! Gluttony all around!
"Yeah for high taxes!" ~ Barrack Obama
Anonymous said...
"This is right in the communist manifesto...
Liberty is keeping most of what you labor (for)!"
3/09/2019 12:05:00 AM
And we all know how metropolitan liberal democrat progressive
absolutely H A T E the notion of anyone having that kind of
Liberty and invoking the 1st, 2nd and 4th Amendments to protect it.
'Murica!
Texas welcomes retiring CPD officers, especially South Texas. Just...please don't vote Democrat, OK? Show common sense.
Wow ... you can’t make this shit up. I do site selection work for companies and I warned my clients about this shit. Think about it, if you own a partnership, S-corporation, LLC, LLP, or any other flow-through entity, you pay all the income of the business on your personal returns. So now, you will pay these very very California like rates. So if your business is consulting or just about any type of service business where the work can be done elsewhere, why would you not MOVE your business out of Illinois? You can always keep a presence in Illinois, but most businesses will simply move out. So sad...if the economy slows down, things will accelerate and get ugly. I lived in Illinois my whole life, but this will just destroy business (small and even larger businesses). Bright risk takers will leave. Gov’t disincentivizes risk taking and building businesses. Oh well I guess gov’t can create jobs. Did anyone get their first job from a poor person?
I will bet $1 million that all of Jay-bee’s wealth is tied up in Trusts outside of Illinois. It probably trinkles “beer cash” income for him in Illinois. How about a wealth tax that taxes trusts for residents of Illinois? Could be a 5% annual rate on every net worth dollar over say $500,000,000. Jay-bee has to promise he won’t hide his TRUSTS outside of Illinois though.
Can Jay-Bee estimate what he will pay on this new tax and report it to us first before any votes to change the constitution?
https://nypost.com/2019/03/09/new-york-city-is-edging-toward-financial-disaster-experts-warn/
Coming to Chicago and Illinois soon ....
You guys realize the NY Post is the same as the Enquirer?
Look, the game plan is to open the Overton Window about taxes. Blah, blah... tax the rich. The reality is that the real money is in the middle class. If the rich could be taxed then Europe would have done it long ago. What the Democraps have to do, in order to pay for their "free" stuff, is to raise the taxes sky high on the middle class. Swedish tax rates which is 70% of a middle class worker's income via $7gal gas, 23% VAT and other taxes. The key difference is that the middle class isn't going to get those sweet Swedish benefits. All that money is going to go to the corrupt politicians, unions, and other parasites like criminals and illegals.
Post a Comment
<< Home