Illionois Governor Quinn congratulates Democrats on income tax increase (raising personal income tax-rate by 67 percent and the business income tax rate by 46 percent)

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    Jan 13, 2011 12:38 AM GMT
    http://newsblogs.chicagotribune.com/clout_st/2011/01/quinn-congratulates-democrats-on-income-tax-increase.html

    Quinn smiled and shook hands on the floor of the Senate around 1:30 a.m. after the Senate voted 30-29 for the bill, which would raise the personal income tax-rate by 67 percent and the business income tax rate by 46 percent.

    The House passed the bill hours earlier Tuesday night -- likewise without a vote to spare and with nary a Republican in support.

    The plan nearly faltered in the Senate when black lawmakers balked at the House’s decision to remove a property-tax relief component from the plan and failure to approve a cigarette tax hike for schools. But Quinn met privately with members of the Senate black caucus, who said he pledged to pump $250 million from the income tax increase into schools for each of the next four years.
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    Jan 13, 2011 3:50 PM GMT


    http://fullcomment.nationalpost.com/2011/01/13/illinois-hikes-taxes-66-in-financial-highwire-act/


    "Caught in a financial meltdown — Illinois has $8.7 billion in overdue bills it can’t pay — the state is trying a last-gasp crisis program to escape from disaster by pushing through a “temporary” hike in income taxes while legislating a limit on spending increases."

    "The current personal tax rate is just 3% and will be raised to 5%, which is why that 66% figure is misleading. In effect it’s a two percentage-point hike."






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    Jan 13, 2011 6:48 PM GMT
    meninlove said

    http://fullcomment.nationalpost.com/2011/01/13/illinois-hikes-taxes-66-in-financial-highwire-act/


    "Caught in a financial meltdown — Illinois has $8.7 billion in overdue bills it can’t pay — the state is trying a last-gasp crisis program to escape from disaster by pushing through a “temporary” hike in income taxes while legislating a limit on spending increases."

    "The current personal tax rate is just 3% and will be raised to 5%, which is why that 66% figure is misleading. In effect it’s a two percentage-point hike."








    So the solution is to cut whatever is creating that problem, not tax more...unless of course, the state wants all the wealthy and job-producers to leave and go to greener pastures.
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    Jan 13, 2011 6:51 PM GMT
    You think the government should renege on their outstanding bills? Because that's what this increase is about. As well (here we go again) it's 5 cents out of every dollar instead of 3 . Big whoop-de-do.

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    Jan 13, 2011 7:03 PM GMT
    meninlove said You think the government should renege on their outstanding bills? Because that's what this increase is about. As well (here we go again) it's 5 cents out of every dollar instead of 3 . Big whoop-de-do.



    And now one of the highest state tax burdens in the US. Let's see how well that works out for them. I understand that the Governor of the neighbouring state of Indiana was very pleased with this hike.
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    Jan 13, 2011 9:06 PM GMT
    riddler78 said
    meninlove said You think the government should renege on their outstanding bills? Because that's what this increase is about. As well (here we go again) it's 5 cents out of every dollar instead of 3 . Big whoop-de-do.



    And now one of the highest state tax burdens in the US. Let's see how well that works out for them. I understand that the Governor of the neighbouring state of Indiana was very pleased with this hike.


    Maybe. Education can't take many more cuts in his state, apparently.


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    Jan 13, 2011 9:26 PM GMT
    And so the exodus continues.
    Illinois businesses look to other states:
    http://quincynews.org/local-news/quincy-business-leaders-sound-off-on-illinois-income-tax-hike.html
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    Jan 14, 2011 6:11 PM GMT
    Indiana and Wisconsin target Illinois businesses following tax hikes:
    http://taxprof.typepad.com/taxprof_blog/2011/01/indiana-and-wisconsin.html
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    Jan 14, 2011 6:18 PM GMT
    meninlove said ... As well (here we go again) it's 5 cents out of every dollar instead of 3 . Big whoop-de-do.



    Tell that to the average household!
    QUOTE from the article: "The increase will add $1,400 to the average family's tax bill, and we doubt it will help job creation in a state that has lost 374,000 jobs since 2008."{bold added}

    http://taxprof.typepad.com/taxprof_blog/2011/01/indiana-and-wisconsin.html