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anonymous
29 days ago

Jag Boy is doing just that–HE is taking care of himself.

Poor Taxpayer
29 days ago

The good news is that $100,000 per year plus pensions will still not pay a penny in State of Illinois taxes. They caused the problems, but do nothing to help solve them.

V
1 month ago

We already bought a house and are leaving. Not from here. Not staying

Poor Taxpayer
30 days ago
Reply to  V

Lots of others are right behind you.

Eugene on a pay phone
1 month ago

It it incredible that so many Illinoisans have witnessed the decline of the state and continually re-elect the same people or their family members. As if they keep voting them in until they correct everything.

Freddy
1 month ago

Question. If the progressive tax is passed is the tax based on take home income or total compensation. Some CEO’s make $20M but 18m of that is in stock or stock options plus benefits so not all is take home pay. Tax’s on stocks are not paid till cashed in. Some CEO’s make a token $1/year and the company provides what is needed like auto’s/travel/etc so having a high take home income is not needed. The millionaires and billionaires who supposedly that will pay this tax can have their base of operations in another state or defer income thus avoiding… Read more »

The Truth Hurts
1 month ago
Reply to  Freddy

“Tax’s on stocks are not paid till cashed in.”

That’s not entirely true.

Employees that receive shares will have taxable income the day their shares vest even if they choose not to sell the shares. The vesting day determine when income is received not the sale date. Stock options are different. The option to purchase shares at “X” price does not trigger a taxable situation. Taxation is determined when the employee sells said shares.

Freddy
1 month ago

Thanks for the info. I am trying to determine how they tax a stock say on vesting day but the stock drops later that year. There are short and long term capital gains but for me the very few shares I have are in an IRA so my taxing begins at age 70 just a little over a year away. Many will still be able to pass that tax if passed on to others.

The Truth Hurts
1 month ago
Reply to  Freddy

If you are issued restricted shares (outside of an IRA) the value of the stock on the vesting day is your income. Let’s say the stock is valued at $1000 on your vesting day of say Feb 1st of 2020. You hold on to that stock all year but the stock is only worth $200 by year end. You are still taxed (ordinary income) on the entire $1000 even though it is no longer worth that. When you go to sell the stock you will have short/long term capital loss depending on when you sell it. Even if the stock… Read more »

Freddy
1 month ago

Thanks Again!

Ex Illini
1 month ago

Illinois has been in a death spiral for two decades, thanks to ill advised policies involving public employees and their pensions. From egregiously high numbers of public employees to incredibly generous pensions that could not be matched in the private sector. Indeed, the private sector saw that pensions wers unsustainable 20 years ago and began to implement changes. For the last 10 years, the negative population trend in Illinois has been catastrophic for the state, which is at the bottom of the list in terms of fiscal stability. With the ongoing failure by multiple governors of this state, that trend… Read more »

Poor Taxpayer
1 month ago
Reply to  Ex Illini

This is going to be the worst hang over in the history of the USA.
It will cripple Illinois for many years to come.

Defund Democraps
1 month ago

Yes, they know how to take care of themselves. . .is removing toilets what you are talking about?

Susan
1 month ago

It seems clear that Illinois’ political thesis is that “the rest of us” (those who are not political-class- public- pension-recipients, nor rent-payers subsidized by sources outside of Illinois) are not needed and not welcome.

It remains to be seen if The State can remain economically viable when all property ownership is in hands of a few political class insiders.
Will federal policy provide sufficient subsidies to pay the aberrant expenses demanded by the rent-seeking political class of Illinois?

LessonLearned
1 month ago

I left recently and I’m not in the wealthy category. I just grew to hate Illinois and everything it stands for.

Poor Taxpayer
1 month ago
Reply to  LessonLearned

The day you left was the best day of your life.

Poor Taxpayer
1 month ago

Raise taxes on the rich and they will leave the state. Then you get Zero tax money.
The honest hard working taxpayer will have to make it up.
Less opportunities’ for the next generation.

Riverbender
1 month ago
Reply to  Poor Taxpayer

They will be replaced by immigrants who will flock to the State to get driver’s licenses, Medicaid, assorted welfare benefits and the new coming health care for senior immigrants too. The success of the Illinois Free Stuff Army marches on.