Illinois is trying to tax private pensions to pay for public pensions

wqad.com...

A second state policy group has come out in support of taxing retirement dividends in Illinois to help balance the state’s books.

It's not as dramatic as the title states, but it still seem wrong in my opinion.
Most states do have a tax on income pension and Illinois is rare that it doesn't.
The problem is that if they start taxing retirement income, many retirees will flee, just like a lot of others have already done.

Illinois is already teetering on collapse, and this will be the nail on the coffin. I've watched it for over three decades. Illinois is my home. I moved away many years ago and never regretted it. I still have family and friends and elderly relatives there. I can't imagine what this could do to them.

So many think, oh it shouldn't be that big of a deal, it is only a small tax. It isn't, but when you add it to absolutely everything else in Illinois, it is downright terrible.

I find it so unbelievable that Illinois refuses, absolutely refuses to solve this problem. Make public pensions similar to everyone else's 401Ks.
Yea Yea, Illinois has a constitution, well ever heard of doing an amendment.

Isn't it funny the only option they can think of is to raise every tax imaginable? I guess people there have never heard don't kill the goose that laid the golden egg. The good is sick and ready to leave the state!

I live just across the border in Michigan and our post office has hundreds of PO boxes for people in Illinois that say they live here part time.

Big business in not living where you say you do.

originally posted by: mikell
I live just across the border in Michigan and our post office has hundreds of PO boxes for people in Illinois that say they live here part time.

Big business in not living where you say you do.

I have a feeling they are going to need a lot more PO boxes!!

a reply to: JAGStorm

Hellinois is doomed! The 15 dollar an hour minimum wage will be crippling!

My business and house are for sale. Gotta get out of this $hithole! And for another kick in the sack, an exit tax has been proposed! Yippee!

originally posted by: KawRider9
a reply to: JAGStorm

Hellinois is doomed! The 15 dollar an hour minimum wage will be crippling!

My business and house are for sale. Gotta get out of this $hithole! And for another kick in the sack, an exit tax has been proposed! Yippee!

I'm pretty worried about elderly people that aren't able to just move. Some of them are already going from a bad situation to worse.

a reply to: JAGStorm

I feel bad for everyone that can't get out. I'm lucky that I'm only 42 and have the means to bail. I've been selling off a bunch of stuff to make the move easier. When my business and house are sold, I'm fleeing to Missouri.

Residents are fleeing this State in droves. Record setting droves. I don't understand the mentality of our politicians that think they can continue to raise taxes to cover the lack of revenue from those that are fleeing. Combine the crippling taxes with a 15 dollar minimum wage and you'll see major failure. Not only are citizens fleeing, businesses are too.

There was an article in the local paper, quoting representatives of the Illinois Retail Merchants Association and the Illinois Hotel and Lodging Association saying that rising taxes and the proposed $15 minimum wage is "an invitation to move operations out of the state of Illinois".
The CEO of a food manufacturer, Glister Mary Lee, has said if this goes through , they WILL leave.

Way to go Illinois.

a reply to: KawRider9


I'm saying to you with all seriousness, even if you have to take a loss on the house it is probably worth it.
Almost anywhere you move will be an instant pay raise.
I think living there you become numb to all the costs/fees/taxes.

When you leave and realize other places don't charge those things you'll get excited, and then you'll be mad that you paid it all those years!

a reply to: JAGStorm

On average 1,300 individuals, families, businesses left Illinois each month in 2018.

Governor Cuomo is panicking because that's happening in New York. Illinois's new Dem Governor (Prickster?) hasn't been in office long enough to figure out that $$$ is leaving Illinois too.

Honestly, I live in IL and I don't understand how it's so bankrupt. I pa th ridiculous taxes. Plus federal went up. Everyone wants to screw the average working man.

You hear about all these corporations like Amazon paying hardly anything, yet I'm paying tons of taxes.

Please someone tell me why mega-corporpations like Amazon get off scott free and I'm getting f$Cked.

I'm tired of Republicans claiming trickle down, while the wealth gap gets higher.

I'm in Illinois and there are only 2 reasons we stay here: family ties in the area, and because my wife has a tenured teaching position...sort of a golden handcuffs type of situation. If it weren't for that, we'd be out of here asap!

a reply to: JAGStorm

hello jagstorm , uk member here.

a similar situation played out here in the uk in 1997 under the leadership of gordon brown.

I do hope your states decision is of lesser effect.

regards fakedirt.

www.ftadviser.com...

originally posted by: Subsonic
I'm in Illinois and there are only 2 reasons we stay here: family ties in the area, and because my wife has a tenured teaching position...sort of a golden handcuffs type of situation. If it weren't for that, we'd be out of here asap!

Teachers are needed in Hawaii.

originally posted by: DAVID64
There was an article in the local paper, quoting representatives of the Illinois Retail Merchants Association and the Illinois Hotel and Lodging Association saying that rising taxes and the proposed $15 minimum wage is "an invitation to move operations out of the state of Illinois".
The CEO of a food manufacturer, Glister Mary Lee, has said if this goes through , they WILL leave.

Way to go Illinois.

The Democrat run state would rather be the big dogs in their own wasteland, than to have a thriving economy and productive citizens

originally posted by: musicismagic

originally posted by: Subsonic
I'm in Illinois and there are only 2 reasons we stay here: family ties in the area, and because my wife has a tenured teaching position...sort of a golden handcuffs type of situation. If it weren't for that, we'd be out of here asap!

Teachers are needed in Hawaii.

That's funny you mentioned that, we JUST talked about that last night! Hawaii seems like a much better option than Chicago, especially in the middle of February!

a reply to: JAGStorm

100% support for THIS one, JAGS! Bumped hard and -C'd for
forwarding to the little lady packing up the house in Northwoods!

She herself said I shouldn't get too used to the river view down here:
because we may have to retire over on the MO side for financial reasons.
Better a late bloomer than never, but she retired the beginning of the
year and just saw the tax bill. Time to shop for some tractor tubes on
eBay; to fashion a sufficiently big and sturdy catapult for Big Muddy.
"Prepare to unleash Hell" Maximus mighta been talking about her lately.

How can we get a meme module to combine "Well, YEAH" and "DUHh"--?
My Madiganski says "WYUh" but it sounds like my cold 355 backfiring..