No surprise that Illinois’ Tier 2 pension law being challenged in court given how it was passed – Wirepoints Quickpoint
The law was bulldozed through in 2010 by House Speaker Michael Madigan and Senate President John Cullerton in less than 12 hours with no analysis, debate or actuarial assessment.
Progressive doesn’t have to mean higher. Last I checked, Ohio’s progressive state income tax rate is even with IL’s 3.75% flat rate up to $150,000 and tops out at 5%. Has Harmon and gang proposed a similar structure? And would they agree to commit to it for 10 years minimum?
The problem with a progressive tax structure is that it allows politicians to play with the brackets so they can back into their revenue numbers. No thanks. They are going to zero in on the $80,000 and up crowd.
Harmon referred to his earlier claims that the bottom 94% would actually get a tax cut, which is probably about your $80k. He’s nuts. The resulting bill for the top 6% would be astronomical. I will be writing about that.
Wait, he’s back on that “94% get a tax cut” kick again?! That phony number is from his 2014 tax plan that was based on the expiring 5% rate (see: http://bit.ly/2nBLU9o ). If you look at total tax returns filed by income level, the cutoff for that 94% threshold is $150,000. If his new plan is based on the current 3.75% rate (doubtful), then I can only imagine how steep the jump will be beyond that cutoff. We’d need to know his target revenue number to figure that out. BTW, the 6% of the tax filers earning above $150,000 account… Read more »