Posted on 04/04/2008 10:14:57 AM PDT by GLH3IL
Illinoisans earning at least $250,000 a year would pay twice as much in state income taxes as everyone else under a plan that Rep. Mike Smith unveiled on Thursday. The Canton Democrat said his proposed constitutional amendment targets the state's highest earners - about 107,000 of Illinois' 5.6 million taxpayers. Their individual state income tax rate would rise to 6 percent, up from the present flat rate of 3 percent. People earning less would pay 3 percent.
The higher rate would generate about $3 billion in new revenue, Smith said. The money would be divided roughly equally into three pieces: for education, for a public infrastructure program and for tax relief for people earning less than $250,000.
(Excerpt) Read more at pjstar.com ...
107,000 new Floridians, it looks like. ;)
They are already calling real estate agents and moving companies...
Sad but way too true. This is going to choke off small business in this state.
Will it be entitled: “The Drive All Remaining Employers From Illinois in 2009 Act”?
I thought Robin Hood rightfully took money from the corrupt government and gave it to those who earned it.
If this passes, I predict a rapid reduction in state revenues as the people with wealth will move out of the state and thus take not only their “extra” 3 percent, but their original three percent as well.
What is needed to prevent this kind of crap is a constitutional amendment ... something along the lines of:
Neither Congress nor any jurisdiction subject to the laws of Congress, shall grant any relief from, or cause greater tax burden, by means testing on income, race, religion, sex, profession, culture, age, location, dependents, cost of living, or any other test so as to cause differentiation between the People.
I bet they don’t care if your a chapter S corporation either, you might only take home $100K but you will be nailed big time by this,
FWIW:
The “rich” that Robin Hood stole from were actually the tax collectors. He stole from “the rich” and gave that money to the poor, who were the lower and middle classes the tax collectors had legally robbed.
We sure do need a Robin Hood these days. Unfortunately, we also need to overhaul the government-run education system (public schools) so that people understand what’s going on and who the real heroes are.
Nothing like rewarding success and encouraging people to prosper! (sarcasm now off)
It wasn't "take from the rich and give to the poor." It was "take from the government and return to the taxpayer."
But liberals have been able to spin the story their way.
LOL. You beat my post by 4 minutes. You must be a very smart man.:-)
Troubling as the Democrat chief executive is guaranteed. If the Democrat with the R by his name wins, he will have no coat tails for Conservatives to ride into power on.
And to think. All those Boeing execs who moved the HQ to Chicago blamed it on Washington State taxes.
Is this the change everyone is talking about? Sure looks like the same sixties tax and spend to me.
“The next step will be to prosecute “the rich” who move out of state for tax evasion.”
Doesn’t Cali have some kind of a step child law that if you ever resided in Cali future income or retirement income might be taxed, blah blah... I remember something to that effect. Maybe is was just a dream bill by some liberal politician.
Everybody in Ohio should move to Ill. and pay the 6%!!!!!!!
I can’t wait to get out of here.
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