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Hilarious Clinton

Illinois lawmakers pass 66 percent income tax increase

By Hilarious Clinton in Current Events and Hot Social Topics

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Hilarious Clinton Grand Master

Hilarious Clinton   452

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SPRINGFIELD, Ill. — Illinois lawmakers have approved a politically risky 66 percent income tax increase in an effort to solve a historic budget crisis.

The bill now goes to Democratic Gov. Pat Quinn, who supports the plan.

It would temporarily set the personal tax rate at 5 percent, up from 3 percent now. Corporate taxes would climb, too.

Quinn's office says the tax increase would generate about $6.8 billion annually, helping close a budget hole that could hit $15 billion this year.

In sheer percentage terms, the increase could be the biggest on the long list of those passed as states grapple with nationwide economic woes.

The Illinois Senate approved the measure 30-29 early Wednesday. The House had approved it late Tuesday.

http://www.msnbc.msn.com/id/41034406/ns/politics-more_politics/

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies."

Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006



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TBoneTX Grand Master

TBoneTX   43,058

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As the bumper sitcker says "Escape to Wisconsin"
Si, man -- and, in fact, the new governor of Wisconsin has invited businesses to relocate there from Illinois.

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Hilarious Clinton Grand Master

Hilarious Clinton   452

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I emailed this story to a former Illinois resident now working in income-tax FREE Washington. His first thought was that this would be the last straw for a sister barely getting by back in IL. Most likely she'll move.

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies."

Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006



barack-cowboy-hat.jpg
90f.JPG

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Bad_Daddy Grand Master

Bad_Daddy   2,209

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That is insane....66% increase...wth where they thinking ? I'm betting there's going to be a mass exodus from Illinois here in the near future.

Edited by Why_Me

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"I want to take this opportunity to mention how thankful I am for an Obama re-election. The choice was clear. We cannot live in a country that treats homosexuals and women as second class citizens. Homosexuals deserve all of the rights and benefits of marriage that heterosexuals receive. Women deserve to be treated with respect and their salaries should not depend on their gender, but their quality of work. I am also thankful that the great, progressive state of California once again voted for the correct President. America is moving forward, and the direction is a positive one."

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scandal Grand Master

scandal   951

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Interesting to hear all the responses from the non-Illinois heckling crowd.

I live here and have no plans to leave. Talk of leaving the state over something like this is ludicrous. I'd rather be in the Chicago labor market and housing market than pretty much any other in the country, in terms of overall affordability. You can earn East Coast salaries and pay midwestern housing costs - sounds like a deal to me. A 5% income tax is still far lower than many others. I lived in California, I remember paying 9.75% and the byzantine FTB forms.

Nobody likes new taxes, but we've been underfunding our budget for years here and are in serious jeopardy of dropping the state credit rating to below investment grade, an unthinkable situation that would cost the state far more in down the line interest costs. I heard it put really well recently: Illinois has blue state services with red state taxes. That cannot go on indefinitely. It's about time we got some reality in our budgeting process.

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Bad_Daddy Grand Master

Bad_Daddy   2,209

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:lol: That's what all the whining is about? 5% state income tax? :lol:

I failed to read the article and went off the title of the thread. :(

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"I want to take this opportunity to mention how thankful I am for an Obama re-election. The choice was clear. We cannot live in a country that treats homosexuals and women as second class citizens. Homosexuals deserve all of the rights and benefits of marriage that heterosexuals receive. Women deserve to be treated with respect and their salaries should not depend on their gender, but their quality of work. I am also thankful that the great, progressive state of California once again voted for the correct President. America is moving forward, and the direction is a positive one."

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scandal Grand Master

scandal   951

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:lol: That's what all the whining is about? 5% state income tax? :lol:

Yup. It is a 66% increase from the currently super-low 3%. Of course that does make the headline much more dramatic than saying the new rate is going to 5%. Temporarily, I might add, for the next 4 years. It then drops back to 3.75%.

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^_^ Grand Master

^_^   5,021

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Yup. It is a 66% increase from the currently super-low 3%. Of course that does make the headline much more dramatic than saying the new rate is going to 5%. Temporarily, I might add, for the next 4 years. It then drops back to 3.75%.

5% isn't that bad. The top marginal rate in Jersey is (I believe) near 9% although most people have a top marginal rate of 6 1/2 %.

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scandal Grand Master

scandal   951

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5% isn't that bad. The top marginal rate in Jersey is (I believe) near 9% although most people have a top marginal rate of 6 1/2 %.

See? You should move to Illinois. Maybe we should have our Governor Pat Quinn do an ad campaign to recruit NJ people out here to our low tax environment :lol:

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