| 01/07/2011 3:14 pm |
Administrator
Senior Forum Expert
Regist.: 12/23/2010
Topics: 221
Posts: 1299
 OFFLINE |
ILLINOIS ABOUT TO INSTITUTE MASSIVE TAX HIKES
There's no question that Illinois is in an economic basket case. It might be in the worst fiscal shape of any state in the union. So how does Illinois plan to dig itself out of the hole it's in? Taxes, taxes and more taxes:
Springfield sources are confirming that Democratic legislative leaders and Gov. Pat Quinn have struck a deal to almost double the state income tax, boosting the individual levy from 3% now to 5.25% and hiking the corporate rate to 8.4% -- the highest of any state in the union.
In addition, the cigarette tax would rise $1 a pack.
But wait! There's more:
Lawmakers in Illinois have voted for a 6.25% tax on online retail purchases. The levy, which still needs the governor's approval, would apply to goods bought through affiliates of online retailers that take in least $10,000 worth of annual sales in the state.
Oh and we're not done yet. The state is also looking at the largest property tax increase ever:
Mayor Daley pleaded with Gov. Quinn on Wednesday to veto a bill that, the mayor warned, would choke Chicago homeowners and businesses with a $550 million property tax increase in 2015 to solve the city’s pension crisis.
“They say the taxpayers of Chicago will pay for 100 percent of all pensions and, if you don’t pay for it, we’re gonna take it out of your state income tax [share]. …. What are you gonna do for the Board of Education? We can’t go tax crazy,” Daley said.
So yeah, good luck with that Illinois. Labor and capital are mobile. I don't anticipate that this will work out the way they intend -- just ask Oregon.
Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/illinois-about-institute-massive-tax-hikes#ixzz1AO0jrn52
|
|
|
| 01/07/2011 3:18 pm |
Moderator
Forum Fanatic
Regist.: 12/24/2010
Topics: 10
Posts: 446
OFFLINE | Lived there for 6 years....glad to say I'm not there now.... |
................
“Life is not always perfect, none of us are, and we aren't here for very long. **Life** is what **you make of it**, so enjoy the dance while you are in it!!”
|
| 01/07/2011 3:21 pm |
Forum Expert
Regist.: 12/27/2010
Topics: 2
Posts: 585
OFFLINE | My sister Debbie lives in Illinois. I'm glad I'm on the Missouri side of the river! I've heard the same things about Illinois. |
|
|
| 01/09/2011 1:08 pm |
Senior Forum Expert
Regist.: 12/26/2010
Topics: 39
Posts: 1140
OFFLINE | my brother lives in Cahokia, right across the river from St. Louis. He's thinking of moving..... |
................
Just a gypsy at heart!
|
| 01/09/2011 2:53 pm |
Forum Fanatic
Regist.: 01/04/2011
Topics: 39
Posts: 190
OFFLINE |  Originally Posted by Scott Terry:
It might be in the worst fiscal shape of any state in the union.
california's main competition. |
|
|
Ouch! Anybody Live in Illinois?
OFFLINE
