“Borrowing is already included in the enacted budget, but additional debt without mitigating structural measures could compound pressures on Illinois’ IDR of ’BBB-’ with a Negative Rating Outlook,” Fitch said. “Budget cuts are likely, but the state may also raise revenues, such as choosing to increase the flat income tax rate.”
They will raise the flat tax to 6%. Oh sure they will put on a good show to make it look like they tried cutting expenses but in the end a tax increase is on the menu. Lots of talk about painful cuts that were the result of “lies” from opposition to the fair tax. Regardless of when it passes it will be effective January 1st 2021.
Agreed. Me neither. Then again I don’t depend on the state. Doesn’t mean that the “painful cuts” line doesn’t work. It’s what allowed the democrats to get republicans to join the budget veto during the Rauner years. Hence the flat tax increase. What you or I want is irrelevant.
Freddy
5 years ago
Sadly Plan B will rear it’s ugly head soon. Tax upon tax upon tax will be in the pipeline soon.
Steves
5 years ago
Notice never talk about pension reform….
Wolfnight
5 years ago
Like I said before the Election. Our Governor will now punish us because he lost his tax vote with this and another lock-down.
The USA is actually now building herd immunity with COVID, which was the right strategy from Day One – see Sweden and the world’s best epidemiologist Anders Tegnell who got it absolutely spot on.
I have a business colleague in Stockholm who I spoke with yesterday. No masks, no restrictions, no decimated economy, everyone going about their business as usual.
yes, herd immunity is necessary to avoid enslaving the next generation to a medical tyranny to an even greater extent. Big pharma and traitor joe are gonna clean up if Trump doesn’t get all the fake votes thrown out.
Riverbender
5 years ago
Yes they can and very well raise the tax rate. However in doing so the
Representatives will have to vote and then face the voters in their districts on their next election day. Many who would vote for a hike may just lose their positions over their vote. On the other hand Politicians like Holbrook, who voted for Quinn’s tax hike, were suddenly given a nice administrative job in Springfield that allowed a nice pension spike for him while his constituents got a tax hike to help pay for it.
Completely agree. great post. The Ballot Box remains the most powerful weapon. We saw it on November 3rd.
The politics have now changed. Raise taxes Mr Governor and you are done in 2022. Install another lock-down you are also done in 2022. Do both better get a one way ticket to Florida booked.
As for nice pensions, a day of reckoning is coming for that too. The financials have now changed.
The Ballot Box is a powerful weapon, ONLY when elections are NOT rampant with Fraud,as this November 3rd Presidential election has turned out to be.
Last edited 5 years ago by Lana
Tom Paine's Ghost
5 years ago
Of course IL politicians will hike the income tax. First, its more moneyto spend on the IL Democrat’s public sector union masters. Second, and most important, it punishes the chumbolone peasants for daring to defy the politicians and vote ‘no’ on the tax amendment.
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
The earliest this could be would be for 2022 though, correct?
It doesn’t require voter approval so it could be almost literally anytime.
They will raise the flat tax to 6%. Oh sure they will put on a good show to make it look like they tried cutting expenses but in the end a tax increase is on the menu. Lots of talk about painful cuts that were the result of “lies” from opposition to the fair tax. Regardless of when it passes it will be effective January 1st 2021.
Trust me, no matter how much the state cuts, I will not feel the pain.
Agreed. Me neither. Then again I don’t depend on the state. Doesn’t mean that the “painful cuts” line doesn’t work. It’s what allowed the democrats to get republicans to join the budget veto during the Rauner years. Hence the flat tax increase. What you or I want is irrelevant.
Sadly Plan B will rear it’s ugly head soon. Tax upon tax upon tax will be in the pipeline soon.
Notice never talk about pension reform….
Like I said before the Election. Our Governor will now punish us because he lost his tax vote with this and another lock-down.
The USA is actually now building herd immunity with COVID, which was the right strategy from Day One – see Sweden and the world’s best epidemiologist Anders Tegnell who got it absolutely spot on.
I have a business colleague in Stockholm who I spoke with yesterday. No masks, no restrictions, no decimated economy, everyone going about their business as usual.
As for President Trump – hold the line.
Wolfnight, consider running for office.
yes, herd immunity is necessary to avoid enslaving the next generation to a medical tyranny to an even greater extent. Big pharma and traitor joe are gonna clean up if Trump doesn’t get all the fake votes thrown out.
Yes they can and very well raise the tax rate. However in doing so the
Representatives will have to vote and then face the voters in their districts on their next election day. Many who would vote for a hike may just lose their positions over their vote. On the other hand Politicians like Holbrook, who voted for Quinn’s tax hike, were suddenly given a nice administrative job in Springfield that allowed a nice pension spike for him while his constituents got a tax hike to help pay for it.
Completely agree. great post. The Ballot Box remains the most powerful weapon. We saw it on November 3rd.
The politics have now changed. Raise taxes Mr Governor and you are done in 2022. Install another lock-down you are also done in 2022. Do both better get a one way ticket to Florida booked.
As for nice pensions, a day of reckoning is coming for that too. The financials have now changed.
Grab the Popcorn and watch the show.
The Ballot Box is a powerful weapon, ONLY when elections are NOT rampant with Fraud,as this November 3rd Presidential election has turned out to be.
Of course IL politicians will hike the income tax. First, its more moneyto spend on the IL Democrat’s public sector union masters. Second, and most important, it punishes the chumbolone peasants for daring to defy the politicians and vote ‘no’ on the tax amendment.
Can’t bet on a dead horse.