Democrats countered that even with the increase, Illinois' tax rate will be lower than in many neighboring states — Iowa's top rate is 8.98 percent, Wisconsin's is 7.75 percent.
While this is a good point, Iowa and Wisconsin don't have tolls and rediculous stoplight cameras, and among the highest sales tax rates in the country. This also means thats another 5% of living that will go out of the private sector right back into the government over-spending pool when business is already leaving IL by the droves.
The increase means an Illinois resident who now owes $1,000 in state income taxes will pay $1,666 at the new rate. After four years, the rate drops to 4 percent and that same taxpayer will then owe $1,333.
Just like the tolls on the expressways were temporary to pay for construction.
"Based on this particular legislation the only businesses that will benefit are the moving companies that will be helping many of my members move out of this particular state," said Gregory Baise, head of the Illinois Manufacturers' Association.
OK we all knew something had to happen sooner or later considering the major financial crisis facing the state of Illinois. The fact it is necessary to raise income tax by over 50% to prevent a major budget shortfall temporarily shows how failed the system is. They need to re-think the fundementals of their budget or these "temporary" income tax increases will still not be enough. Here in Florida we have 0 state income tax and are in nowhere near as bad of a hole as Illinois.
They're really trying to kill themselves with this one. Manufacturing will get pushed out of the state, and that means skilled and unskilled jobs. People like myself that are on the brink of graduating with a useful degree in a related field can easily move to wherever the job is. My personal preference for a job is that I'd like to stay in IL and around Chicago, but I wouldn't mind staying in the Milwaukee area either. If jobs are getting pushed out, or this causes companies to hold back hiring because they are uncertain of their exact financial future, this will force people like me to stay in the areas where they went to school since it's very easy to get a job in the area around school. I can also fairly easily get a job anywhere else too since the relocation cost difference is next to nothing since I have nothing formally holding me in the Chicago area. No matter where I go, I'll need an apartment and a car, and I can get that anywhere that is offering a job.
There's a reason I left Illinois for the West...Illinois is corrupt on all levels of Government. They could have the income tax at 33% and it wouldn't fix a damn thing. But I agree, IL needs to cut worker's pay and pensions, it also needs to get rid of military benefits like the National Guard Grant.
Danhockey04 wrote:I left that state for it being too expensive, poorly run and the crappy weather, Florida is much nicer in all three of those aspects.
Same here and it has worked out great. The only think IL has going for it is teachers don't pay into Social Security. Here it is paid into at around $1800 plus a year and will see maybe $100 a month in the future.
