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Thread: State Income Tax Increase

  1. #1
    Forum All Star GE Fan's Avatar
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    State Income Tax Increase

    Yikes! Look at those rates.

    Rep. Terra Costa Howard and the rest of the newly minted suburban Ds better not get too comfortable in Springfield. Again, I suspect taxpayer justice will be delivered swiftly when this is passed into law.

    God this state sucks.
    Last edited by GE Fan; 03-08-2019 at 02:49 PM.

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    Administrator Clamato's Avatar
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    https://www.chicagotribune.com/news/...307-story.html

    This'll keep people around. That $250,000 threshold ain't all that much.

  3. #3
    Forum All Star jombl's Avatar
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    Imagine if the Federal Reserve's plan gets enacted and the tax bill on a 500k house goes from 11k to 16k.....


    Illinoisans selling their homes "could expect to get a lower price than they were expecting," as buyers plug the higher monthly tax bill into what they can afford to spend on housing each month, and as a result trim something off the price they'll pay for a house.

    The economists deal with the issue in their paper and write that prices would go down "quickly."

    Current homeowners would not be happy about this, but it would be a good result for the Illinois economy," the paper says.

    First, people who are considering moving to Illinois would find the higher taxes offset by increased home affordability thanks to lower prices. Second, "current homeowners would not be able to avoid the new tax by selling their homes" because prices would go down right away.
    Personally, I think that the pension bill should return to the unit of government that promised it, and that tax base should foot their bill. If it turns out that D41 and D87 need my tax bill to double to pay for the damage caused by my elected representatives - I am for that, absolutely.

    If the long line of Terra Costa Howard types as D41 board members and Presidents gave away free money to their teacher union supporters on the back of promises that someone else would pay for it, why should responsible communities pay for our spendthrift ways and financial insolvency?
    Last edited by jombl; 03-08-2019 at 03:37 PM.

  4. #4
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    More state income taxes, the real possibility of a LaSalle Street Tax, more federal taxation (even legitimate socialist presidential candidates)..one would be fine, the real possibility of all three makes this guy a future Republican voter, regardless of how pathetic the party has become. Maybe Clarkholtz is on to something...

  5. #5
    Forum Hall of Famer DTM's Avatar
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    Quote Originally Posted by Clamato View Post
    https://www.chicagotribune.com/news/...307-story.html

    This'll keep people around. That $250,000 threshold ain't all that much.
    what happens when the people above $250k leave the state?

  6. #6
    Administrator Clamato's Avatar
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    Not what I meant. I meant that $250K is not exactly a king's ransom these days. Oodles of GE households bring that much in.

  7. #7
    Forum All Star middlein87's Avatar
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    I can't tell from the article - is the $250K joint income or just single? What would a joint income have to be to get screwed pay their fair share?


    Oh, and welcome back, Fan.

  8. #8
    Forum Hall of Famer DTM's Avatar
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    Quote Originally Posted by Clamato View Post
    Not what I meant. I meant that $250K is not exactly a king's ransom these days. Oodles of GE households bring that much in.
    The real impact is to those small business who have to pay these taxes....and don't typically get handouts from VoGE. They are going to have to raise their prices to cover the lost margin or find another friendlier state...



    Middle the $250k threshold is for individuals.

  9. #9
    Forum All Star middlein87's Avatar
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    OK. Now I just have to hope that my LLC never makes me too much money

  10. #10
    250,000 is pretty good. You should be living pretty well on 250,000. Maybe in Manhattan or in San Francisco its a reach but here you should be doing OK.

    For those of you who seemed surprised or shocked by this I'm wondering were you paying attention last year ? Pritzker and the Democrats ran on a campaign of a Progressive income tax so you can't really be surprised by this.

    I'm actually surprised that we didn't get hit with an increase in the flat tax and higher gasoline taxes this year. This isn't a good thing. All they have done is put the state deeper in debt. And Pritzker has gone back and did what previous governors have done . Stiff the Pension funds. Say what you want about Quinn and Rauner they funded the pension funds. Now Pritzker is using smoke and mirrors and fairy dust to balance the budget. And it looks like he will have to do that for at least the next two years . This also isn't good. Especially should there be a recession . Illinois has no rainy day funds quite the opposite it has 15B in unpaid bills.

    So they are willing to put the state deeper into debt so that they can pass the Progressive tax amendment . So that means not pissing anyone off for the next two years. So Illinois could have almost 20B in unpaid bills .

    So this won't be the last tax increase. There will have to be more. Soon 7.5 percent will be the average tax rate.

  11. #11
    Forum All Star GESince1958's Avatar
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    Quote Originally Posted by DTM View Post
    The real impact is to those small business who have to pay these taxes....and don't typically get handouts from VoGE. They are going to have to raise their prices to cover the lost margin or find another friendlier state...
    Middle the $250k threshold is for individuals.
    Isn't the $250K for individuals and not business income/taxes? Did the rate go up for business income too?

  12. #12
    Quote Originally Posted by GESince1958 View Post
    Isn't the $250K for individuals and not business income/taxes? Did the rate go up for business income too?
    Corporate tax rate will go up to 7.95 under Pritzkers plan. Surprised not much has been discussed about this .

  13. #13
    Forum Hall of Famer DTM's Avatar
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    Quote Originally Posted by GESince1958 View Post
    Isn't the $250K for individuals and not business income/taxes? Did the rate go up for business income too?
    Also, some small business are sole proprietorships which means they are taxed like ordinary income thru their personal income tax return.

  14. #14
    Administrator Clamato's Avatar
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    Quote Originally Posted by paul kuhn View Post
    Corporate tax rate will go up to 7.95 under Pritzkers plan. Surprised not much has been discussed about this .
    It's 7.0 percent right now. So what is that . . . where is my calculator? 13.57% increase.

  15. #15
    Quote Originally Posted by Clamato View Post
    It's 7.0 percent right now. So what is that . . . where is my calculator? 13.57% increase.
    Thought it was at 4.95 percent. On June 30th 2017 it was 5.25 on July 1st it went to 7.0 . If Pritzker gets his way it will be at 7.95 come January of 2021. Works out to a 52.3 percent increase in a little more than four years.

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