Strippers, Smokes and Sneakers? What Will Illinois Tax Next?
Lawmakers proposed new taxes on oil rigs, license plates, satellite TV, strip clubs and more to find money for schools, parks, youth centers and crisis centers. Reboot Illinois talks taxes.
Photos
Our friends at Reboot Illinois, a news website dedicated to improving the state of our state, put together a detailed infographic on Illinois taxes in light of news that the temporary income tax hike passed in 2011 could become permanent. State Rep. Lou Lang, D-Skokie, has proposed a bill that would extend the increases indefinitely.
Can legislators afford to roll back the tax hikes as planned? The answer is, pension reform notwithstanding, no.
In 2012, the state collected almost $20 billion dollars in personal and corporate income tax revenue, a 79 percent increase from 2010. Still, the state’s backlog of unpaid bills increased by 60 percent and its unfunded pension liabilities went up by 13 percent over the same time period.
State Senator Matt Murphy (R-Palatine) stands against the proposition.
"I am strongly opposed to making the tax increase permanent, the Democrats need to keep their promise to the working families of Illinois that they will start giving back the one paycheck a year they took in increased taxes," Murphy said.
Economists have said making the tax hike permanent is likely necessary as a step to restore Illinois' finances. Most of the state's new tax revenue last fiscal year went to the woefully underfunded state pension system.
Want to know more? Visit Reboot Illinois for the full package on taxes.
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Neal
3:45 pm on Thursday, March 21, 2013
Why aren't the politicians who sold this tax as being temporary getting mad that someone is changing what they did? Oh wait they did their 8 years and all they want now is their free money (pensions).
it does need to be rolled back, it's a matter of principle. but in reality I'm still waiting for the tollways to stop collecting. And still waiting for all the lottery money to save our public schools.
Ken
1:43 pm on Friday, March 22, 2013
Until a fixed % of public sector monies are pegged to to the average household earnings in the private sector, this will end ugly someday. A rising tide will lift all boats, and the public sector cannot be immune to downturns. Take a look at the city of Chicago financials if you want to see how this ends someday.
l C Pyzik
4:22 pm on Friday, March 22, 2013
Set limits that incumbant legislators can keep in their re election accounts so that they don't gamble it away or buy things that they shouldn't. Stop the lottery if it did not accomplish off-setting scholl costs. Cut perks from other elected officials - unending health insurance, pensions, etc. A few hundred politicians make all of the rules, disregarding their constituents (who no longer vote), increase taxes a few percent every year and then "waste" the money by overbuying items that they don't use - (the items sit in warehouses or get "stolen" and are unaccountable for). When will the squeeze stop! Citizens need to begin calling each politician and sound off. Enough is enough! Vote in the elections a few weeks from now.