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buzorro
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« on: January 07, 2011, 08:11:43 pm »

When in doubt...create new taxes or raise existing ones (they 'need' more of our money)...

Internet Tax Bill Passed in Illinois

http://www.prnewswire.com/news-releases/internet-tax-bill-passed-in-illinois-113063854.html

Statement from Scott Kluth, Founder and President of CouponCabin.com:

"Needless to say, we are disappointed by the passing of the legislation today. It was disheartening that both Houses passed this bill in 30 hours without a full and fair opportunity for the voice of Illinois small businesses to be heard. CouponCabin has been rapidly growing for the past several years; in fact, in November, we were only 12% behind Groupon's monthly traffic. For the third straight year, our staff has doubled in size and has already grown by 12% in the first week of 2011. Unfortunately, this bill will do significant harm to our growth by cutting our business by nearly one-third. Chicago has been an amazing home for CouponCabin for more than seven years. We are grounded in the community with our business and our charitable work and have no plans to leave. We hope the State will see that this bill will fail to achieve its revenue-raising goal, and instead cause drastic hardship for small businesses like ours. We know from other states' experience that the tax revenue does not materialize. Should this bill become a law, Internet affiliate jobs will be lost with no increase in state revenue. The other states that have passed this are moving to repeal it for this exact reason. We hope consideration will be given to the impact on small businesses before this bill becomes a law."

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« Reply #1 on: January 12, 2011, 11:11:15 am »

Ill. faces 66 percent tax boost amid budget crisis

Ill. faces 66 percent tax boost amid budget crisis
By DEANNA BELLANDI, Associated Press Deanna Bellandi, Associated Press 2 hrs 9 mins ago

SPRINGFIELD, Ill. – Democratic Illinois lawmakers beat a looming deadline and approved a 66 percent income-tax increase in a desperate bid to end the state's crippling budget crisis.

Legislative leaders rushed early Wednesday to pass the politically risky plan before a new General Assembly was sworn in at noon, taking a slice out of the Democratic majority and removing lame-duck lawmakers willing to support the tax before leaving office.

The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.

The increase now goes to Democratic Gov. Pat Quinn, who supports the plan to temporarily raise the personal tax rate to 5 percent, a two-thirds increase from the current 3 percent rate. Corporate taxes also would climb as part of the effort to close a budget hole that could hit $15 billion this year.

"Governor Quinn today thanks the Illinois General Assembly for taking strong action to confront our fiscal crisis and provide the revenue and reforms needed to stabilize the budget, pay our bills and jumpstart Illinois' economy," a statement from his office said.

Quinn's office said the higher taxes will generate about $6.8 billion a year — a major increase by any measure.

It will be coupled with strict 2 percent limits on spending growth. If officials spend above those limits, the tax increase will automatically be canceled. The plan's supporters warned that rising pension and health care costs probably will eat up all the spending allowed by the caps, forcing cuts in other areas of government.

Other pieces of the budget plan failed.

Continued: http://news.yahoo.com/s/ap/us_illinois_taxes


I love it here where we're at but I would seriously consider moving out of Illinois.  I told Mr. DejaVu to go ahead and put the house up for sale. Cry
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« Reply #2 on: January 12, 2011, 12:46:50 pm »

Indiana Governor Mitch Daniels: Illinois Tax Hike Good News For Indiana Business

Updated: 01-11-11 10:19 AM

As Illinois lawmakers prepare to pass a massive state income tax hike, Indiana Governor Mitch Daniels says his state will welcome business owners who aren't too keen on the 67 to 75 percent tax hike.

"We already had an edge on Illinois in terms of the cost of doing business, and this is going to make it significantly wider," Daniels, a Republican, told the Herald-Review on Monday.

As soon as Tuesday, Illinois lawmakers are hoping to pass legislation that would boost the personal income tax rate temporarily by up to 75 percent, pushing the current rate of 3 percent as high as 5.25 percent. Monday night, lawmakers told WBEZ the increase would now be about 67 percent, since they could not find the support needed for the bigger increase.

In sheer percentage terms, the Illinois proposal could be the biggest tax increase on the long list of increases states have passed as they grappled with recent economic woes. Also, according to the The Tax Foundation, a nonpartisan tax research group in Washington, the hike would force Illinois businesses to pay the highest combined national-local corporate tax rate in the industrialized world.

Continued here: http://www.huffingtonpost.com/2011/01/11/big-illinois-tax-increase_n_807269.html
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« Reply #3 on: January 12, 2011, 05:09:59 pm »

 Mrs. Music Man & myself already have our house for sale. 7.65 acres 2 blocks or so from the lake. Problem is it's only worth half of what is was 20 years ago. We have kept it up but our neighborhood has numerous for sale signs around us. Be a good time for the Danville mayor to raise the gas tax while politicians are on the bandwagon to bleed us dry.

  Maybe we can be the first to hit the $5.00 a gallon mark! Maybe can take the bus to the new riverboat! Hmmmm... Only problem is no money left over to **** with. Disposable income going to gov't.on steroids! Let us see, we have the lottery,riverboat in the works. Only leaves us drugs & bordello's to go.Can't afford all the prescripion drugs I should have & I'm too old for the other!

  I feel like staying around Danville is like having had shares in Enron. Danville has lot of good people,it's good politicians I find in short supply.At least our kids are raised. Will have to discuss the motor home lifestyle with our pet dogs.Sounds better & better to us all the time. Come to think of it even the dogs are taxed! They never have any money either! I wish I was 16 again when I knew it all instead of decades older when I don't!
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« Reply #4 on: January 13, 2011, 12:24:56 pm »

People got exactly what they voted for.  Demonrats only know how to tax and spend.  Slowly, but surely, businesses and jobs will continue to leave Illinois for more profitable pastures.  Then, we can all go on welfare and let the state take care of us.
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« Reply #5 on: January 13, 2011, 06:01:37 pm »

An enlightening article on the state of our State:

Hard Times In Illinois

http://www.rense.com/general92/hard.htm

IMHO, we would not be better off if Repubs had been in charge forever.  As the article states:  'Besides its $13 billion deficit and $6 billion in unpaid bills, its pension fund is about $130 billion in the red...'  Would the Repubs been able to hold the many state employee unions in line?
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« Reply #6 on: January 14, 2011, 10:47:49 am »

People got exactly what they voted for.  Demonrats only know how to tax and spend.  Slowly, but surely, businesses and jobs will continue to leave Illinois for more profitable pastures.  Then, we can all go on welfare and let the state take care of us.

You know Terry, if you would just do your research, you would see the same lobbies and corporations giving huge amounts to both major parties and in return, both parties are funded equally. The people of this country are merely pawns, purposely split in two, then the masses can be distracted by all the hate/fear mongering stirred up by the media...which is also controlled by the corporations that control both parties. It's all a grand game played by the elite. I'm just say'n.  Roll Eyes
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The most successful tyranny is not the one that uses force to assure uniformity, but the one that removes awareness of other possibilities, that makes it seem inconceivable that other ways are viable, that removes the sense that there is an outside. --Allan Bloom
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« Reply #7 on: January 14, 2011, 11:19:17 am »

People got exactly what they voted for.  Demonrats only know how to tax and spend.  Slowly, but surely, businesses and jobs will continue to leave Illinois for more profitable pastures.  Then, we can all go on welfare and let the state take care of us.

You know Terry, if you would just do your research, you would see the same lobbies and corporations giving huge amounts to both major parties and in return, both parties are funded equally. The people of this country are merely pawns, purposely split in two, then the masses can be distracted by all the hate/fear mongering stirred up by the media...which is also controlled by the corporations that control both parties. It's all a grand game played by the elite. I'm just say'n.  Roll Eyes

I doesn't take a genius to figure out that businesses locate where they can maximize profits and people tend to go where the jobs are.  The politicians in Illinois have dealt the state a deadly blow with the increase in state income taxes.  Since the Dems are in control, it is clearly upon there shoulders.  Had the Repubs been in control, perhaps the result would have been the same.  In Illinois, I don't see much difference between the two parties.  But, the Repubs are not in control and all of them voted against the increases.
The state politicians refused to address spending, pension and welfare programs.  Until they do in a meaningful way, the problems here will continue to escalate and businesses and jobs will continue to flee the state.
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« Reply #8 on: January 18, 2011, 08:03:05 pm »

Neighboring states gleeful over Ill. tax increase

"It's like living next door to `The Simpsons' — you know, the dysfunctional family down the block," Indiana Gov. Mitch Daniels said in an interview on Chicago's WLS-AM.

"Years ago Wisconsin had a tourism advertising campaign targeted to Illinois with the motto, `Escape to Wisconsin,'" Wisconsin Gov. Scott Walker said in a statement. "Today we renew that call to Illinois businesses, `Escape to Wisconsin.' You are welcome here."

Illinois state Sen. Dan Duffy, a Republican, labeled the tax increase "the nuclear bomb of jobs bills."

There was even some carping from Illinois Democrats. Chicago Mayor Richard Daley predicted jobs will start trickling out of Illinois with little fanfare.

"Businesses don't have press conferences like this and announce they're moving 50 people out, 60 people out, 70 people," Daley said at an event in Chicago.

Bill Ecton, 54, owns Ecton's True Value Hardware in Robinson, Ill., just a few miles from the Indiana border. He was resigned to the fact that Illinois ultimately would raise taxes to repair the budget, but he said the taxes will take a toll.

"If I have to pay more to the state, it's money that I can't pay out in wages," Ecton said. "I'm not saying I'm laying people off, but maybe I'm going to look twice at adding another one."

However,...

But Illinois' governor rejected the idea that the increase would allow other states to lure jobs away. "Lots of luck to them, but that's not going to happen," Quinn said at a news conference Wednesday.

Businesses look at more than taxes when making financial decisions, Quinn said. They also look at whether state government is stable and able to provide good roads and schools.

"It's important for their state government not to be a fiscal basket case," Quinn said.

A Wisconsin company seemed to prove his point.

Train-maker Talgo Inc. is threatening to leave Milwaukee because Wisconsin rejected federal funds for high-speed rail. Talgo still considers Illinois a strong possibility for its new the company's new home, despite the tax increase, said spokeswoman Nora Friend.

The tax increase "would not weigh in as a positive, but it's difficult to say whether it's the deciding factor," Friend said. "It would be one more factor that gets weighed in."

Illinois Democrats note that even after the increase takes effect, the 5 percent personal income tax rate will still be lower than many nearby states'.

The top personal rate in Wisconsin is 7.75 percent, for example, and Iowa's is 8.98 percent. Indiana and Michigan will have lower rates, however — 3.4 percent and 4.35 percent.

http://news.yahoo.com/s/ap/20110113/ap_on_re_us/us_broken_budgets_battling_for_business

Note: Many states have graduated income tax rates.

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« Reply #9 on: January 19, 2011, 09:19:09 am »

"The founder of Jimmy John's said he has applied for Florida residency and may recommend that his corporate headquarters move out-of-state as a result of the Illinois tax increases enacted last week." - News-Gazette

This is the first of many companies that will be leaving Illinois because of the tax increase.  Maybe Quinn can explain how increasing taxes will create jobs in the private sector.  Oh wait !  It will create jobs, every where else except Illinois.

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« Reply #10 on: January 19, 2011, 12:34:26 pm »

Calm down Terry. Take a deep breath and breath in breath out...breath in.....and out. Relax, close your eyes and imagine the kind of Illinois you want to live in...see it in your mind and focus on it. Do this every day for 10 minutes. This is called creating an intention and it can actually change your reality. For real!  Grin
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« Reply #11 on: January 19, 2011, 01:31:30 pm »

I have never heard of or seen any governmental entity tax its way to prosperity.  Maybe, I'm incorrect.  Just show me. In the meantime, I'll continue to believe that Illinois is, and has been on the wrong path to real economic and long term development.  My question is what's next?  When people and businesses leave the state, there are fewer of us left to take on the burden. 
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Terry
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« Reply #12 on: January 20, 2011, 11:59:15 am »

Here is what Mike Frerichs has to say about he tax increase.  You decide.......

"It is no secret that the State of Illinois is facing a budget crisis. It seems that each day we
hear new reports about Illinois’ fiscal instability. The state has a backlog of billions of
dollars in unpaid bills. Schools are not being funded adequately or on time and thousands
of people risk losing access to vital services that only the state can provide.

Much of the last two years has been spent trying to find solutions to these problems.
During that time, we’ve passed monumental reforms to the State’s pension systems and
to Medicaid that will save us billions of dollars in the long term. We’ve reformed the
budget process to allow for greater transparency and accountability. We’ve also cut
overall State spending by 11% over the last two years.

In spite of these efforts, the state’s budget deficit remains unresolved. To that end, the
Illinois General Assembly passed legislation this January increasing both the individual
income tax and the corporate income tax. I joined 29 of my Senate colleagues in
supporting this legislation.

There has been plenty of political rhetoric surrounding this issue. Much of the
information that is being dispersed is misleading or inaccurate. It is my hope that this
letter will clear up the confusion and explain why I voted in favor of the measure.

Senate Bill 2505 increases the personal income tax from 3% to 5% and the corporate
income tax from 4.8% to 7%. In 2014, these increases will be rolled back to only slightly
higher than they are now. At the same time, the bill imposes a firm spending cap on the
legislature for the next four years. The State’s Auditor General will review the budget to
determine if the legislature has spent over that cap. If that happens, then that particular
spending bill will be returned to the General Assembly.

I voted for Senate Bill 2505 because the bill will provide a tremendous amount of
relief to the hospitals, schools, community colleges, the University of Illinois and other
facilities in my district that are owed money by the State. In addition, it is important to
note that the bond market was telling us we would not have been able to sell our bonds
by the end of March; thus making Illinois insolvent and delaying funding for job-creating
capital projects throughout the state.

The tax increase passed this month will go a long way toward paying down our debt
ensuring vital state programs continue operating. At the same time, the spending cap
included in the legislation will ensure greater fiscal discipline in the future. While this
vote was a tough choice, it is my belief that the bill’s passage was a necessary step
toward Illinois making a full economic recovery.

Thank you for your concern about this critically important issue. Please do not hesitate to
contact my office with further questions or concerns."

Michael



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