Proposed 75% increase in Illinois state income tax

[Pennysaved]

http://www.cnbc.com/id/41000507

[aloneibreak]

from the article...

"Democrats say that part of the increase would be temporary, and that the deal could come with pledges to keep spending growth to a bare minimum and to find cuts in areas like Medicaid. "

HA !

tax increases are never tempory

illinois is almost as much of a mess as cali...

[Pennysaved]

Will be hard to have a "recovery" with those kinds of tax increases

[argent_pur]

So, lemme get this straight...my SS taxes go down 33% from 6.2% to 4.2%, BUT my IL taxes go up 75% from 3% to 5.75%??? No stimulus for Illinois residents I guess. We talked about this in my monetary theory class and the prof. said that if it was just a matter of math, raising taxes would be fine, but it's not a math problem, it's a human problem. We have enough corruption in this state at current tax levels, and raising taxes will just raise the level of corruption. The deficits may go down for a minute, but as soon as the state gets used to its new income levels, it will spend itself into oblivion again.

The article I read said that the increase would only be for four years and then it would go back down, LOL!!! Yeah, right as if our problems would be even close to fixed in four years and income taxes never go down. It's insulting, really...

[justoneguy]

It's insulting, really...

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[uthminsta]

wow it's a good thing i live in ...
oh crap...
ILLINOIS.

[Copper Catcher]

This is just the tips of the iceberg.... Google or Yahoo: 15 States in budget trouble and Municipal bond, investors staying away.

Most states are in big trouble! Do you really think they are going to cut government spending or opt to raise every known tax to man for revenue?

Before it is all over with a VAT tax will be a thing of reality.