This Won't End Well
Class warfare at the ballot box never ends up the way the "elites" want it to:
A 3% tax on individual income over $1 million would flood Illinois’ coffers with at least $4.5 billion in new revenues annually, a new state estimate shows weeks ahead of an advisory referendum on earmarking that money for property tax relief.
The estimate, obtained by WBEZ through a state open-records request, marks the first time Gov. JB Pritzker’s Revenue Department has weighed in on the effects of imposing that new proposed tax on the state’s wealthiest citizens to ease what is a leading financial issue daunting the middle class.
Voters are being asked this question now because lawmakers in May voted to bring it forward as part of a broader election package that Pritzker signed.
The exact wording of the ballot question reads: “Should the Illinois Constitution be amended to create an additional 3% tax on income greater than $1,000,000 for the purpose of dedicating funds raised to property tax relief?”
"flood Illinois coffers"? Not likely.
You know what will flood? Millionaires leaving Illinois for other locations, or at least changing their primary residences. New Jersey tried this a few years ago, and more than half of all millionaires (who had already fled New York), left New Jersey for tax-friendlier locales. These are the people who can afford a second (or a third) house and can easily afford to move, even if it's just on paper. They have lawyers on retainer to do the paperwork adjusting titles, insurance, voting addresses, etc. Hell, Bruce Rauner moved himself and his company to Florida rather than stay in this rapidly devolving state.
And guess who's left behind to pay an even bigger portion Illinois' out-of-control debt?
Labels: dumb ideas, state politics
posted by SCC at 12:03 AM
45 Comments:
My money is in jeopardy because I live in Illinois. Meanwhile, my Governor's money is not in jeopardy because it lives in the Grand Caymans. Do you see how unreal this is? Why isn't the press arguing this point? Yeah. I know why! I'm a serf......
Money is mobile. That is a concept that the Democrats can't understand. High taxes here? Move corporations overseas and hid the income. Closer to Illinois what does a billionaire governor do with his fortune? Maybe he can explain oversea tax shelters and trusts and how they can be used to shelter income from taxes.
The tax always falls on the middle class. Only a fool would vote for more taxing. How about government has to learn how to stay in budget. Don’t spend more than you take in.
More buses of illegals would solve this.
Never forget, the government hires with equity in mind, private firms hire for talent.
even better, just walk away from the house and the property and write it off is a loss for the next 15 years...
spendthrift Democrats full of shit a lot of them
Easy enough for everyone in the state to set up shell company LLCs in
The Cayman Islands, just like the big boys, right?
They should say in plain English, we want to additionally tax you the price of a new car every year.
But what are the bears, bulls, cubs and sox players going to do, they can't leave ...
Retired in Texas……
Ha !!!!!! The democrats solution to everything…..raise taxes….
Watch each others backs out there !
You'd think that they'd learned a lesson with Ken Griffen moving to Florida.
What factors will determine one’s net worth? Will assets, real estate holdings and investments, stock and bond portfolios, business profits ect… be scrutinized?
These proponents are not deep thinkers.
That 3 per cent will relieve property taxes just like the lottery funded schools and the tollways became freeways
Democrats love raising taxes. It's what they do. I truly believe they get their rocks off doing it.
Take a look at the Pritzker divorce going on in California. Many of the assets in question in the divorce are owned by a wide variety of trusts, obscuring their true ownership and possible value. This has been going on for six years. If you look at the news stories describing the mansion they are currently fighting over I see one newspaper saying its worth 150 million, while another says its worth 200 million. So how much is it really worth? What this story tell me is the ultra rich will have the means to avoid these taxes while small business owners that are making a couple million a year will be screwed. If they tax real estate values a lot of people will be screwed, especially family farms. What if collect art or cars as a hobby? A few not so major art names will have you into the million dollar plus range easily. Being an old goat, I remember some of the American muscle cars I fantasized about as a kid. I recently saw a 1970 Pontiac GTO go across the auction block for over a million. Are you gonna tax this stuff?
Dont let them get into the state's constitution. Thats where our pension protection lies. Taxing millionaires is a trojan horse maneuver. Mark my words.
Jcat is emptying our union bank account with all those steak dinners, vacations and anything else he can get his on. FBI needs to knock on his door.
Pritzker might be the only billionaire left in the shit state, and he bought his elected office. what a Buffoon he and the state legislators are
Democrats always use the same line that rich people have to "pay their fair share" in taxes, but they never exactly give an explanation of what that means or what criteria they would use. As you said, you can move money anywhere easily. And the middle class gets hammered with the bill as a result.
No need for all the drama...
Simply remove the toilets from the house and declare it unusable.
Rent. Buy somewhere else. Especially if you're ten years or less from retirement. I knew a detective that rented an apartment in Lincoln Park who bought a house in Rosemont years ago. He split the rent with a couple of other Dicks. Spent most of his time at his home with his family, slept at his apartment at night. They all split the the bills having their names on the bills. In case you think I'm full of shit your last FOP president did the same thing. His home was a couple of miles west of city limits. The city couldn't do shit about it...
How many “folks” making over one mill are we talking about?
Dear Big Wigs: Be true leaders, please spend/tax all your $$ first before spending/taxing mine. (Socialism works well until you run out of everyone else's money.)
just don't tax me on my middle-class lawn !!!!!
and yet...they keep voting fatass back in!!
Spot on SCC. This retired CFD has place in SW Florida in an upscale area. Those from the East Coast brag about how that beat the tax man by staying in FL exactly 6 months and a day. This work around is so well known that NY is considering a tax directly targeted at that demographic now.
At first not many people will be affected by this tax. A million bucks of adjusted income is pretty rare. When the federal income was proposed they advertised it as only a tax on the Uber rich. Inflation will guarantee that your kids will be qualify for inclusion in this tax. Old timer will tell you about thinking a $1,000 a month was a pretty good salary.
The Founding Fathers formed a republic, not a pure democracy, and granted the vote only to male property owners, not because they were evil White males, but because, in their timeless wisdom, they knew that everyone else would simply vote themselves more and more benefits until the Nation's eventual collapse.
Women's suffrage gave them the ability to replace male protection, the "patriarchy", with government protection, the welfare state. The women's vote then led to the Black vote, whose racial loyalty could be pandered to and manipulated for more government benefits.
As they say, "The road to Hell is paved with good intentions".
Why don't you do that and tell us how it works out for you. Real bright idea Einstein.
Can't leave? Since when?
With 7- and 8-figure incomes, they can easily commute from IN, WI, PR or Switzerland.
They can set themselves up as the sole employee of an off-shore LLC and put all their assets in their mom's name.
Best comment of the week! You got it, I'll talk to Gov. Abbott right away! How many ya want? --Big Tex
And guess who's left behind to pay an even bigger portion Illinois' out-of-control debt?
The new and improved democratic voting arrivals..?
Not so true now
The buffoons are the people who voted for him
It's a tax on income. The paycheck. It's earned in Illinois, Chicago. Where you live doesn't matter....
Pritzker is using this as a tool to get into the state constitution to really strip our pensions. Don't let him fool you with this BS. Once he is granted permission by the voters to open the constitution, he can tinker with any protections he wants.
Agreed. And along that same line of thinking, over 80% of women in this country identify as liberal. Once the 19th Amendment was in place it was game over.
How those hurricanes working out for ya?
The only people I know of making millions in this state are retired government employees collecting sweet pensions!
Never ever let the State Constitution be opened and amended. In this state, with the Dems at the helm, it would truly be a Death Knell for the working folk. Taxes can be added or taken away without making it a Constitutional issue.
When you have 5 houses around the Country, kids are done with private school in Hellinois, and you don't need to work from here (because you can trade from anywhere you have an internet connection), you start looking to get out of paying $80,000/yr property taxes.
If no one wants to buy the house because they're not crazy enough to drop $12 mil in this shit hole of a State, the local community won't let you subdivide it and sell it to section 8, then what? At some point you might as well dump it and walk away. Take the loss, write it off. Let the shitty deal with it.
The only people making huge pensions in this state are doctors and professors from state universities along with football coaches. Its NOT teachers, fireman or policemen like the MSM would want you to believe.
There's an amazing tool on the city of Chicago website called Employee Salaries. Every city employee hourly and yearly wage publicly accessible. CPL librarians making six figure salaries? Wow!
Gov FatAss cant be stupid enough to think this will work. But he can be greedy enough to start at a Million, and see that fall to 500/300k pretty quick. The Illinois legislature has never abandoned a tax once they got it passed. The state income tax was 'temporary' in 1968..... Eff these clowns.
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