Illinois house approves 2% income tax hike from 3% to 5% (the amount you paid last year will increase by about 67% assuming everything else is the same)

Goofy-long URL to Greg Hinz blog

 

Editorial comment:

I'm OK with it.

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Permalink Reply by millenial removing Bernie tattoo on January 12, 2011 at 9:22am


notoriousDUG said:

I do not have kids nor do I want any so I'm OK with this...

 

Why should I pay to educate the spawn of those who choose to breed?


Because the "spawn" of "breeders" are the people who will be doing all the work when you're an old geezer who can't anymore, that's why.
Permalink Reply by Far'arned Retrogrumpalunkus #63 on January 12, 2011 at 9:23am
Not bloody likely.

envane x said:

Because the "spawn" of "breeders" are the people who will be doing all the work when you're an old geezer who can't anymore, that's why.
Permalink Reply by millenial removing Bernie tattoo on January 12, 2011 at 9:28am


James Baum said:
Not bloody likely.

envane x said:

Because the "spawn" of "breeders" are the people who will be doing all the work when you're an old geezer who can't anymore, that's why.

Yeah, I forgot, by then we'll have robots growing crops, mining coal, designing and building themselves and programming the software they run on.
Permalink Reply by S on January 12, 2011 at 9:30am
Unless you're planning on dying early or never getting sick or infirm, it's pretty much a guarantee.

James Baum said:
Not bloody likely.

envane x said:

Because the "spawn" of "breeders" are the people who will be doing all the work when you're an old geezer who can't anymore, that's why.
Permalink Reply by S on January 12, 2011 at 9:33am
I was just curious about this and checked the income tax rates in other states and it looks like at 5% Illinois would still have the lower rates than Wisconsin, Iowa, and Missouri.  It'd be nice if they made the tax hike progressive but c'est la vie.
Permalink Reply by Duppie on January 12, 2011 at 9:33am

Exactly,


And those robots will be paying social security taxes over their income. The government can use that fund my social security check.


envane x said:



James Baum said:
Not bloody likely.

envane x said:

Because the "spawn" of "breeders" are the people who will be doing all the work when you're an old geezer who can't anymore, that's why.

Yeah, I forgot, by then we'll have robots growing crops, mining coal, designing and building themselves and programming the software they run on.
Permalink Reply by Far'arned Retrogrumpalunkus #63 on January 12, 2011 at 9:37am

At work I do training for the 20-somethings that roll off the public school assembly line. 

 

Let's just say I hope I die in my sleep before I can't work any more.   Retirement isn't going to be an option anyhow.  That Ponzi scheme they call "social-security" is going to Madhoff just about any year now.

Permalink Reply by Far'arned Retrogrumpalunkus #63 on January 12, 2011 at 9:39am
In Wisconsin they have no toll roads, LOW fees and licenses rates, and the sales tax is about half what it is here.

S said:
I was just curious about this and checked the income tax rates in other states and it looks like at 5% Illinois would still have the lower rates than Wisconsin, Iowa, and Missouri.  It'd be nice if they made the tax hike progressive but c'est la vie.
Permalink Reply by Davo on January 12, 2011 at 10:09am


I didn't know about the social security stuff. But the way I see it, I'll either be dead by the time I could collect Social Security or there will be no money available if I would be able to live that long.

The main problem with pensions is that the money "put into them" is used by the gov't to "pay" for other things (much like social security). This money should have been put aside from the start and not touched. But there goes my naivety again.

Elected officials shouldn't get any pensions especially if they have investments outside of this.

S said:

Sure, if you're willing to take a pay cut and give up social security (a lot of state and local government workers aren't eligible for social security).  Oh, Illinois and Chicago haven't been paying into the pension funds for workers for a while so those pensions that the workers are depending on for retirement funds may not have the money needed to meet their obligations. 

Suchandra

Permalink Reply by S on January 12, 2011 at 10:23am

Even the worst case projections for social security result in at least 75% of the benefits being paid to beneficiaries.  Not the most ideal situation but it's still something.  The money put into social security that was not used to pay for benefits was used to purchase long term t-bonds.  That's the safest, most reliable way to keep large amounts of money, plus the money earns a bit of interest.  The bonds will be redeemed since they're just regular treasury bonds, the government can't not pay them off without defaulting on it's debts.

 

The issue with the pensions is that the governments needed to put matching contributions into the funds.  The thing is the various governments could reduce their liabilities by making assumptions on the performance and worth of the pension funds as well as to delay their payments.  Illinois and chicago have been doing this for a while and now it's time to pay the piper.   Frankly, if Chicago got rid of the TIFs currently in pay it'd get a bunch of revenue back as well as be able to reduce property taxes, too bad it's not likely to happen since the various people on the city council don't want to give up their slush funds.

Davo said:


I didn't know about the social security stuff. But the way I see it, I'll either be dead by the time I could collect Social Security or there will be no money available if I would be able to live that long.

The main problem with pensions is that the money "put into them" is used by the gov't to "pay" for other things (much like social security). This money should have been put aside from the start and not touched. But there goes my naivety again.

Elected officials shouldn't get any pensions especially if they have investments outside of this.

Permalink Reply by Minh on January 12, 2011 at 10:57am
They are increasing taxes to pay off a 15 billion dollar budget deficit? So if they can't manage the budget, they tax us so they can pay off bad investments they made? Since corporate tax and individual income tax are getting raised good luck trying to get a raise if the company you work for hasn't made much of a profit. Thumbs down.
Permalink Reply by Michael Perz on January 12, 2011 at 2:52pm

The principle behind this is sometimes referred to as the Laffer curve and is commonly dismissed as laissez faire hokum by people that support increased taxes. It is also this very same laissez faire hokum that is commonly blamed whenever the economy takes a massive shit as a result of said tax increases. Then the cycle repeats anew.

notoriousDUG said:


I also have issue because the increase in business taxes is, in the long run, actually going to decrease the states income because new industry is not going to come Illinois to employ people and the business that are currently located here are going to move out of the state if they get the chance.

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