Illinois Passes 66% Increase on State Income Tax

Dagwood · #1 01-12-2011, 10:37 AM

http://www.businessinsider.com/illinois-tax-hike-2011-1

RandyWayne · #2 01-12-2011, 10:41 AM

But it IS only temporary! Just like the 3 cent tax on all wired communication designed to fund the Spanish-American war........

TJJJ · #3 01-12-2011, 02:57 PM

Quote:

Originally Posted by RandyWayne

But it IS only temporary! Just like the 3 cent tax on all wired communication designed to fund the Spanish-American war........

I saw the same thing Randy, what a farce that the Dems play!

Light · #4 01-12-2011, 10:52 AM

Quote:

Originally Posted by Dagwood

http://www.businessinsider.com/illinois-tax-hike-2011-1

The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.

The increase now goes to Democratic Gov. Pat Quinn, who supports the plan to temporarily raise the personal tax rate to 5 percent, a two-thirds increase from the current 3 percent rate. Corporate taxes also would climb as part of the effort to close a budget hole that could hit $15 billion this year.

coadie · #5 01-12-2011, 10:58 AM

Quote:

Originally Posted by Light

The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.

The increase now goes to Democratic Gov. Pat Quinn, who supports the plan to temporarily raise the personal tax rate to 5 percent, a two-thirds increase from the current 3 percent rate. Corporate taxes also would climb as part of the effort to close a budget hole that could hit $15 billion this year.

The corruption in the Democrats with their binge spending is expensive.

Baron1710 · #6 01-12-2011, 05:36 PM

Quote:

Originally Posted by Light

The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.

The increase now goes to Democratic Gov. Pat Quinn, who supports the plan to temporarily raise the personal tax rate to 5 percent, a two-thirds increase from the current 3 percent rate. Corporate taxes also would climb as part of the effort to close a budget hole that could hit $15 billion this year.

Plus 6.25% - 8% sales tax (depending on where you live.)

Plus property taxes.

Oregon has a tax rate that varies from 5 - 9 percent based on income but NO sales tax.

Washington State has no income tax but has sales tax.

Illinois taxes income, taxes purchases, and taxes property so a huge jump in income tax is a big deal.

Digging4Truth · #7 01-12-2011, 12:23 PM

It's true. You eventually run out of other peoples money.

RandyWayne · #8 01-12-2011, 12:45 PM

Quote:

Originally Posted by Digging4Truth

It's true. You eventually run out of other peoples money.

As long as it is someone elses money, and that other person committed the ultimate insult by actually making more and having more than you, then it is all good!