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Saturday, March 14, 2009

Illinois Gov. to Propose 50% Increase in State Income Tax

Chicago Tribune: Illinois Income Tax Rate May Rise by 50%:

Gov. Pat Quinn today acknowledged he plans to raise income taxes in the wake of a Chicago Tribune story that he is considering a 50 percent increase on individuals. He declined to confirm details in the Tribune report, which said he is looking at raising the personal income tax from 3 percent to 4.5 percent as well as increasing personal exemptions.

"There will be some that will have a higher tax burden," Quinn told reporters today during an impromptu news conference at the James R. Thompson Center, adding it would be based on the ability to pay. Quinn said an increase would be part of a "fundamental reform" of the income tax system that would provide tax relief for many Illinoisans. He said that would come from more generous tax exemptions for working families who are suffering amid the nation's economic decline.

(Hat Tip: Joe Wallin.)

https://taxprof.typepad.com/taxprof_blog/2009/03/illinois-gov-to-propose-50-increase-in-state-income-tax-.html

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» Because you can always trust Illinois politicians with more money from Roth & Company, P.C.
Rod Blagojevich's successor, the so-far-unindicted Pat Quinn, proposes to raise Illinois income tax by 50%, from 3% to 4.5%. Because,... [Read More]

Tracked on Mar 16, 2009 6:02:46 AM

Comments

Coming from California with a top rate of about 10%, on all income, that reaches into the middle class, I can't work up too much anger at a 4.5% rate.

Posted by: Kevin | Mar 14, 2009 11:55:23 AM

Blagojevich in late January: ""This is about raising taxes. Pat Quinn has cut a deal with Democratic leaders....It's all about getting rid of me to raise taxes on people." Both income and sales taxes on gasoline would be increased by May, [Blagojevich] said."

For a dumb crook, Blago is a smart politician. If you know you're going and a tax increase is in the works, make it into a conspiracy against you.

Posted by: w3bgrrl | Mar 14, 2009 12:36:17 PM

come on guys, why don't you come clean and tell the people the real truth about income tax.that the supreme court and the irs cannot even define it.so what gives you the right to increase something that you cannot define.maybe i do not know ,so you can define it for me.

Posted by: geo | Mar 14, 2009 12:39:00 PM

Although I'm pretty sure that as taxes go, Illinois income tax is one of the least of my worries. A penny hike in Cook County sales tax would probably amount to far more out of my pocket.

Posted by: Mike G | Mar 14, 2009 12:59:46 PM

I've never understood the term 'working families'. At what income level does a family no longer qualify to be considered a 'working family'? Because me and my family make well over 250k and I work well over 80 hours a week. I'm just wondering at what income level I no longer have to work...

Posted by: Scott | Mar 14, 2009 1:35:21 PM

Jesus Christ only Fity percent!

Posted by: Falesteeni | Mar 14, 2009 2:14:03 PM


"Coming from California with a top rate of about 10%, on all income, that reaches into the middle class, I can't work up too much anger at a 4.5% rate."

I'm an Illinoisan. I bet we pay a LOT more property tax than you (no Prop 13 for us), in addition to our lovely 10.25% sales tax.

Posted by: Chester White | Mar 14, 2009 3:12:28 PM

Gov. Pat Quinn obviously has a political death wish. I've got tax (overtaxed) dollars that say Quinn won't be reelected if he's actually stupid enough to run for a full term in 2010.

Posted by: MarkJ | Mar 14, 2009 3:25:02 PM

The term "working family" is a euphemism for non-affluent. You need not be either working nor a family to be a "working family".

Similarly, the term "inner city" means "low-income neighborhood". Many neighborhoods near the center of major cities are not "inner city", and many neighborhoods far from the center of a city are "inner city".

You can argue that euphemisms distort the language, but that sort of evolution is entirely normal for any language. People and politicians are always trying to slant perceptions by clever selection of descriptive or intentionally non-descriptive words. It's a form of marketing.

Posted by: AMTbuff | Mar 14, 2009 5:22:22 PM

Leave Illinois, Blago was the best you had, next time I am voting for Ron Paul. This is change you can believe in!

Posted by: Martin | Mar 14, 2009 9:33:48 PM

No surprise here. Big government states like Illinois strongly favor "progressive" tax schemes, and note how the article doesn't mention this by name. The incentive here is what is known as the fat and juicy "ATM effect" that progressive tax structures present. Just watch.

Posted by: Albie | Mar 15, 2009 4:46:56 AM

Jct: It wouldn't be so bad if the state spent 50% more in small-denomination state bonds that could be used to pay the 50% more taxes. Perfect balance.
When Argentina's government workers were faced with cuts, their unions talked 6 state governments into paying them with small-denomination state bonds which could be used to pay for state services and taxes and which everyone accepted as useful currency. Too bad unions of U.S. government workers wouldn't take bond money too.
When I visited Europe in 1999, I paid for 39/40 nights of accommodations with an IOU for a night back in Canada worth 5 Hours.
It's only a matter of time until all systems based on the Time Standard of Money will use the internet to intertrade globally. I did.
We need the United Nations Millennium Declaration UNILETS Resolution C6 to governments for a time-based currency to restructure the global financial architecture. Barter Timebanks are economic lifeboats. Google "anti-poverty system" and get LETS. Google "anti-poverty engineer" and get John The Engineer.
See my banking systems engineering analysis at http://youtube.com/kingofthepaupers with an index of articles at http://johnturmel.com/kotp.htm

Posted by: KingofthePaupers | Mar 15, 2009 9:32:34 AM