Illinois House and Senate pass 67% income tax increase

[Franzl]

http://newsblogs.chicagotribune.com/clout_st/2011/01/quinn-congratulates-democrats-on-income-tax-increase.html

A triumphant Gov. Pat Quinn congratulated fellow Democrats early today after the Illinois Senate and House sent him a major income tax increase without a single Republican vote in favor.

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.

[Franzl]

I don't like it, but I fear Illinois solvency was at stake here. I tend to support at least the income tax increase.

The corporate rate is more problematic.

[Brittain33]

No one likes tax increases, but 3% is lower than most other states and 5% isn't particularly high, either. If California increased income tax rates this much it would be a lot more problematic.

[anvi]

Regarding the personal tax rate, I don't find 5% that onerous, and I don't make that much money. I would prefer that state's schools to continue to be open, after all. But the business rate is going up from 4.8% to 7% for the next four years, and that's a lot of money to rip out of a business's hands during a recession. 

[Linus Van Pelt]

LOL at measuring tax changes by percentage of the initial rate. Would it be a larger increase if they were increasing it from 1% to just 2%? And what about a change from 0% to 1%? Undefinably large!

[Verily]

LOL at measuring tax changes by percentage of the initial rate. Would it be a larger increase if they were increasing it from 1% to just 2%? And what about a change from 0% to 1%? Undefinably large!

Easy: "You will all have to pay infinite taxes this year, because tax rates went up an infinite percent! Vote for me! I will lower your taxes to zero."

[Beet]

I assume that when the Republicans take office this move will be balanced out by spending cuts which the Governor will support.

[I spent the winter writing songs about getting better]

I assume that when the Republicans take office this move will be balanced out by spending cuts which the Governor will support.

What? Republicans won't be taking office in Illinois for a long long time.

[opebo]

But the business rate is going up from 4.8% to 7% for the next four years, and that's a lot of money to rip out of a business's hands during a recession. 

Better than ripping government spending out of the economy (upon which businesses depend) in the middle of a recession. 

[Torie]

5% eh. What a socialist hell hole Illinois is becoming. Oh wait a minute, if that is what Illinois is, what does that make California?    5%. I'm just panting with envy!

[opebo]

5% eh. What a socialist hell hole Illinois is becoming. Oh wait a minute, if that is what Illinois is, what does that make California?    5%. I'm just panting with envy!

Keep in mind, Illinois has no beaches, and probably a lot less bathhouses as well.

[RIP Robert H Bork]

Indeed.

http://www.latimes.com/news/la-naw-illinois-tax-hike-20110113,0,1430259.story?track=rss

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Amen!

[ag]

5% eh. What a socialist hell hole Illinois is becoming. Oh wait a minute, if that is what Illinois is, what does that make California?    5%. I'm just panting with envy!

Keep in mind, Illinois has no beaches ....

No beeches? You must be kidding ))


http://chuckmanchicagonostalgia.files.wordpress.com/2010/10/postcard-chicago-oak-street-beach-crowd-in-water-1929.jpg

[King]

Yeah, Illinois has better beaches than most of California. And better tax rates apparently.

[Marokai Backbeat]

What an incredibly stupid way to measure tax increases.

[Lief 🗽]

LOL at measuring tax changes by percentage of the initial rate. Would it be a larger increase if they were increasing it from 1% to just 2%? And what about a change from 0% to 1%? Undefinably large!

Yeah, it's a pretty hackish headline if I ever saw one.

[rob in cal]

Interesting to see whether the rates do in fact go down in 2015 and 2025, and also whether state government spending does in fact grow at such a small rate over the next few years.

[cinyc]

I assume that when the Republicans take office this move will be balanced out by spending cuts which the Governor will support.

What? Republicans won't be taking office in Illinois for a long long time.

There will be after the state taxes itself out of competitiveness. Nearly doubling taxes to support an overpaid public sector will not be politically popular.

[Landslide Lyndon]

I assume that when the Republicans take office this move will be balanced out by spending cuts which the Governor will support.

What? Republicans won't be taking office in Illinois for a long long time.

There will be after the state taxes itself out of competitiveness. Nearly doubling taxes to support an overpaid public sector will not be politically popular.

Yeah, I guess it's more popular to let people in need of a transplant to die like they did in Arizona.

[CARLHAYDEN]

Interesting to see whether the rates do in fact go down in 2015 and 2025, and also whether state government spending does in fact grow at such a small rate over the next few years.

Rob,

You really should check the history of "temporary" tax increases.

Usually, they end up being permanent.

Gov. Brown of California is trying to do that right now in California.

[Brittain33]

You really should check the history of "temporary" tax increases.

Massachusetts temporarily went up from 5.0% to 5.9%, and then it was sent back down to 5.3%.

[○∙◄☻¥tπ[╪AV┼cVê└]

5% isn't even half of the top rate in California. Yawn. What a dramatic headline.

[I spent the winter writing songs about getting better]

5% is below our bottom bracket's rate.

[King]

Does this thread title count as excessive hyperbole?

[Ban my account ffs!]

5% is below our bottom bracket's rate.

BRTD.. don't you know?  Our rate has to be high in order to pay for the checks that all those Welfare Queens from Chicago drive their Cadillacs up to Minnesota to pick up every month.  Or so the MNGOP says.