Skip to comments.Illinois: How will we fix our budget problems? Letís tax millionaires!
Posted on 03/21/2014 2:12:17 PM PDT by SeekAndFind
This worked so well for France that Belgium had a real estate boom with the new tax on millionaires was announced. And New Jersey learned that millionaires have a tendency to leave when confronted with higher taxes. But Illinois? Well, per Michael Madigan, Speaker of the Illinois House of Representatives, Illinois is different:
“Well, if theyre in Illinois today, theyre probably so much in love with Illinois that theyre not going to leave,” he said, according to the Tribune–a backhanded acknowledgement of how poorly the state is already doing.
Madigan may also be encouraged by California’s example, where millionaires have largely stayed put, even though Gov. Brown’s tax increase on those earning more than $250,000 has helped the state achieve the second-highest tax rate in the nation. However, Illinois does not enjoy California’s comfortable climate.
I think the comparison of Illinois to New Jersey is more apt than a comparison to California. Millionaires don’t have to travel far to find a lower tax state near Illinois as compared to California. And there’s certainly nothing particularly appealing about Illinois that would cause them to want to stay.
But this seems to be the Democratic answer to everything. Cut spending? Heck no. More efficient and smaller government. Yeah, no! Instead they are interested in balancing their profligacy and costly governanace on those who they believe have been the winners in “life’s lottery”.
The decision will be made by referrendum. And as is noted in the cited article, the reason for this is as much political as fiscal:
The real goal of the proposed referendum may not be fiscal, but political. The winner of the Republican primary this week was billionaire Bruce Rauner, a political newcomer who enjoys close ties to Democrats such as Chicago mayor Rahm Emanuel, yet has vowed to take on the public sector unions and the Madigan machine.
The referendum is just one way in which Democrats will remind voters of Rauner’s immense wealth, in a repeat of President Barack Obama’s re-election strategy against Mitt Romney.
Indeed. The party of jelousy and spite will use an emotional appeal to voters to pass the tax. Again we’ll be treated to a campaign talking about greed and fairness. Just review the attack pattern used by the Obama campaign and expect a repeat in Illinois. Also remember it isn’t hard to convince others to pass a tax which has someone other than themselves paying it.
Of course, the bottom line is that without significant changes in the way the state government of Illinois governs (less spending and smaller, less intrusive government) this is a band-aid instead of a fix. California will learn that at some point in the not to distant future.
Eventually you run out of millionairs.
Democrats clearly have single digit IQs.
That always works.
They have a perfect climate, great beaches, and beautiful mountains. And it isn’t like there’s other places the rich can go. Go for it.
Michael Madigan, Speaker of the Illinois House of Representatives, WHAT IS YOUR SALARY AND BENEFITS?
Stupid is as stupid does.
They tried that a couple of years ago, if you recall.
The Chicago Board of Trade threatened to move to Valparaiso, Indiana because of it, so Illinois Dems “Exempted” them from the tax increases.
Here we go again....
Well, if theyre in Illinois today, theyre probably so much in love with Illinois that theyre not going to leave,
What? I doubt that “love” will keep them there if they are going to be sucked dry.
Triple the taxes on politians, they will never complain.
Everywhere is freaks and hairies
Dykes and fairies, tell me where is sanity
Tax the rich, feed the poor
Till there are no rich no more
I’d love to change the world
But I don’t know what to do
So I’ll leave it up to you
...song lyrics by Ten Years After
Yes, I often think of those lyrics, too.
Politicians say, “More taxes will solve everything”.......and the band played on....
> “Well, if theyre in Illinois today, theyre probably so much in love with Illinois that theyre not going to leave, he said, according to the Tribunea backhanded acknowledgement of how poorly the state is already doing. Madigan may also be encouraged by Californias example, where millionaires have largely stayed put, even though Gov. Browns tax increase on those earning more than $250,000 has helped the state achieve the second-highest tax rate in the nation. However, Illinois does not enjoy Californias comfortable climate.
Hey Chicago Mercantile Exchange (CME) and the Options Exchange and other homes for type ‘A’ earners, both Florida and Texas have no personal income tax. With modern communications, why stay in the high-tax state when you can HQ where you are appreciated.
Yeah...because over taxing millionaires has always worked out so well in the past.
What we need is more millionaires, taxation stifles growth.
Hopefully this time, the Republican candidate will point out that the only ones exhibiting greed here are those who feel entitled so someone else's hard-earned money.
They're not talking about taxing millionaires. They are talking about those who create a million dollars worth of wealth in any given year. You will be hard pressed to find a Democrat politician who actually proposes taxing accumulated wealth. The Diane Feinsteins, Maria Cantwells, John Corzines, and John Kerrys of the world will never support a tax on the wealth they already have. But they will go to the ends of the earth to tax the hell out of anyone below them who is trying to attain their level of wealth.
I have an idea—Tax the Poor! Take a % of their welfare money! Collect taxes from the guys on the street corners! There are lots of poor people we could tax—How about taxing the Illegal Aliens! Lots of them have nice cars—big cars. Lets make em pay $1,000 each to live in the USA. We could Tax the profits of Drug gands—and dope peddlers!
Flat Lander Millionaires!!!! Please come to Wisconsin with your money IF you believe in smaller government and lower taxes. ..Otherwise stay where you are any get taxed like crazy.
“Hey Chicago Mercantile Exchange (CME) and the Options Exchange and other homes for type A earners, both Florida and Texas have no personal income tax. With modern communications, why stay in the high-tax state when you can HQ where you are appreciated.”
If the high-rises in Downtown Chicago (which are chock-full of wealthy people) could be put on trailers, they’d be gone tonight along with the people in them. You’re right - with modern communications and ways to work as a virtual office or even a virtual company, we shall see just how “stuck” those millionaires are.
What I’m wondering, is what will happen the first time there are simply no buyers for a luxury home. Things will collapse quickly downwards after that.
Absolutely correct. A tax on wealth and politicians would begin mysteriously falling out of hotel windows, drowning in boating accidents and dying from drug/alcohol overdoses.