Illinois has decided that the beginning of a tenuous recovery from a deep recession is the perfect time to raise income tax from 3% to 5%. I wonder if NE Indiana will continue to see an influx of Illinois residents jumping the boarder.
Illinois has decided that the beginning of a tenuous recovery from a deep recession is the perfect time to raise income tax from 3% to 5%. I wonder if NE Indiana will continue to see an influx of Illinois residents jumping the boarder.
The boarder?
Sucks to be Rahm Emmanuel at this point.
The federal gov gives workers a 1% payroll tax reduction and Illinois taketh away.
Yes, everyone living in Illinois will be required to take in boarders. There will be so many boarders in each house you will have to jump over them. :-)
This is a temporary tax. Anyone actually believe this?
I've lived in IL my whole life. I'm not saying I want more taxes, but seriously this will barely be a blip on the radar. It gets a lot of media attention because of the "66%" but in reality for someone making $50,000/yr it's $100 more a year or $8.33 more per month. Who cares. Find something else to whine about.
Chicagoland Resident wrote:
I've lived in IL my whole life. I'm not saying I want more taxes, but seriously this will barely be a blip on the radar. It gets a lot of media attention because of the "66%" but in reality for someone making $50,000/yr it's $100 more a year or $8.33 more per month. Who cares. Find something else to whine about.
I thought it was a 2% raise in the taxes from 3% to 5%? Isn't that $1000? Is there some other moving part in here? I just read the headlines, so please excuse me if I got it wrong.
Oops. You're right. My bad on that one. Redacted.
Wisconsin is such a tax hell, that even with Illinois rasing taxes 66%, their tax rate is still lower than here.
The 66% figure comes from the percentage increase from percentage to percentage. Not from the whole difference between percentages. It's like saying that when you turned 6, you became 20% older.
IL Politics wrote:
Illinois has decided that the beginning of a tenuous recovery from a deep recession is the perfect time to raise income tax from 3% to 5%. I wonder if NE Indiana will continue to see an influx of Illinois residents jumping the boarder.
That's a heck of a jump to NE Indiana. NW Indiana is a lot closer.
Wisenheimer wrote:
IL Politics wrote:Illinois has decided that the beginning of a tenuous recovery from a deep recession is the perfect time to raise income tax from 3% to 5%. I wonder if NE Indiana will continue to see an influx of Illinois residents jumping the boarder.
That's a heck of a jump to NE Indiana. NW Indiana is a lot closer.
Yeah, but nobody wants to live in Gary, so they keep going.
Wendell Gee wrote:
Wisenheimer wrote:That's a heck of a jump to NE Indiana. NW Indiana is a lot closer.
Yeah, but nobody wants to live in Gary, so they keep going.
Good point.
How about a headline Illinois taxes 40% lower than CA. Were all those Indiana residents flocking to Illinois when it has a lower tax rate? No one moves to save 1-2% on their taxes.
IL Politics wrote:
Illinois has decided that the beginning of a tenuous recovery from a deep recession is the perfect time to raise income tax from 3% to 5%. I wonder if NE Indiana will continue to see an influx of Illinois residents jumping the boarder.
damned lies and statistics wrote:
The 66% figure comes from the percentage increase from percentage to percentage. Not from the whole difference between percentages. It's like saying that when you turned 6, you became 20% older.
What else would it be?
Congress passed a 2% payroll tax holiday for 2011. It will revert back to 7.65% in 2012. It looks like the IL tax eats up that break, although income taxes can be affected by deductions and credits unlike the payroll tax (FICA).
Simple Truth wrote:
The federal gov gives workers a 1% payroll tax reduction and Illinois taketh away.
Even simpler wrote:
Congress passed a 2% payroll tax holiday for 2011. It will revert back to 7.65% in 2012. It looks like the IL tax eats up that break, although income taxes can be affected by deductions and credits unlike the payroll tax (FICA).
Simple Truth wrote:The federal gov gives workers a 1% payroll tax reduction and Illinois taketh away.
So cash flow is transferred from the federal gov. to the state gov. Are states' rights people pumped about this?
Shouldn't that be a 25% cut in payroll taxes?
Even simpler wrote:
Congress passed a 2% payroll tax holiday for 2011. It will revert back to 7.65% in 2012. It looks like the IL tax eats up that break, although income taxes can be affected by deductions and credits unlike the payroll tax (FICA).
Simple Truth wrote:The federal gov gives workers a 1% payroll tax reduction and Illinois taketh away.
Ken Osha wrote:
Wisconsin is such a tax hell, that even with Illinois rasing taxes 66%, their tax rate is still lower than here.
Not for long...(if true).
However, Indiana could benefit!
NoFatty wrote:
I thought it was a 2% raise in the taxes from 3% to 5%? Isn't that $1000?
No, its merely 12 cents an hour. I pay at least that much to feed all the hungry and spay and neuter all the pets.