Illinois Lawmakers Approve 66% Income Tax Hike

SPRINGFIELD, Ill. (CBS) – By a single vote, Illinois lawmakers approved a 66 percent increase to the personal income tax overnight, and soon, your paycheck will be shrinking.

chicago.cbslocal.com...

As state officials across the nation continue to scratch their heads when pondering how to pay off thier respective budget deficits, major population states begin to take drastic measures to try and keep afloat. From the article:

In real numbers, if your gross income is $50,000 a year, your state income taxes will rise from $1,500 to $2,500 a year.

If the money wasn't so grossly mismanaged across the board in the first place, issues like this wouldn't arise. However we live during a pivotal time when the excesses of past generations are beginning to collectively catch up to us and I fear similar tax hikes for many other states are just over the horizon. During a time when jobs and money are scarce and the tax percentages continue to spike, one begins to wonder just where this will all lead to. There will come a time in the very near future where public dissatisfaction with the handling of state and federal budgets will come to a boiling point, and many other dire situations will begin to appear.

reply to post by Tgautier13


So the rich will bail, taking their pay and businesses with them, leaving a wake of unemployment behind them in the process.

The middle class, that can afford to, will bail because their jobs are gone.

The poor will stay and collect their never ending unemployment, and we will have Detroit Ghost Town all over again.

Kind of like the mass exodus from NY when their taxes went up. Smart people leave, the poor are left to suffer.

And where do they go? Red States. How... odd.

reply to post by Libertygal


Yeah, if they keep it up in Springfield, i will be moving somewhere. Chicago should be considered another state, southern Illinois suffers for their benefit.

reply to post by Libertygal


The larger cities across the nation continue to grow in population, as ridiculous business taxes continue to mount forcing businesses out of town and in many cases out of the country. This leaves a growing population entering the job market as the baby-boomer generation begins to collect their SS benefits en masse, with few remaining commercial and industrial jobs left to foot the bill. Many cities are shells of their former selves and are beginning to resemble third world countries.

Remember when Obama was first elected, and their were people crying and celebrating, saying "I won't have to work anymore!"? Remember how ridiculous these people sounded at the time? Well guess what, they were right.

reply to post by Tgautier13


Seems that way now, but the free ride has to end sooner or later. It will only be harder and uglier when it happens. I know the main reason they are extending the unemployment is to prevent the rioting that will likely occur. It was bad for the election, and will be even worse when it rolls around next time.

Unemployment offices were girding their loins in the weeks leading up to the elections, going so far as to increase their security, because they knew of the impending storm that was about to hit.

13 months is not close enough to the next elections, or, is it? By voting to not extend unemployment, Republicans will not fair well in the 2012 elections. For Obama, it is a win/win all the way, either way. How connivingly brilliant he is with our money.

I don't think the benefits will get extended yet again, from 99 weeks, to another 13 months, anything past that is, well, government support. More and more people will quit working. Why bother if you can get free money? People will soon tire of it.

They need to figure out that cutting spending is the answer, not raising taxes. Sadly, raising taxes is just plain easier. Plus, it removes more disposable income from those that can afford it, further guaranteeing an even huger burden for people that can no longer afford to save for their retirement.

Originally posted by Libertygal
reply to post by Tgautier13

 

So the rich will bail, taking their pay and businesses with them, leaving a wake of unemployment behind them in the process.

The middle class, that can afford to, will bail because their jobs are gone.

The poor will stay and collect their never ending unemployment, and we will have Detroit Ghost Town all over again.

Kind of like the mass exodus from NY when their taxes went up. Smart people leave, the poor are left to suffer.

And where do they go? Red States. How... odd.

Starred.

A perfect description of why the tax hikes will fail in Illinois and why they are or will be counter-productive elsewhere.

Many of the people they expect to pay the tax hikes will vote with their feet and leave since no one in government is paying attention to their votes and opinion polls.

Paying welfare to the people left behind instead of collecting taxes will not support the state's infrastructure. Eventually it will implode and the rest of us will forced to help pick up the pieces.

Oh, and you forgot to mention that once they get to the "red states" they will start voting Republican due to the way the democrats screwed them in the state they came from.

The hardest thing in the world to understand is the income tax.
-- Albert Einstein

yep, and all the business talent will leave Chicago as will industry, at which point Chicago will begin the transition to becoming like Detroit, at which time, it will finally become a more accurate reflection of Chicago politics and become the next bankrupt toilet of a city.

Bingo!

I think we all got it.

History repeats itself, and here is a perfect chance to sit back and watch.

*Unless*, of course, Rahm gets elected and Illinois gets the next bail out. Won't stop people from leaving, though. It will only delay the incoming flushing sound heard across Detroit.