Sham panacea of progressive income tax starts getting exposed – Quicktake

5 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Rick
6 years ago

Wouldn’t a progressive tax include retirees? Or would they exempt a retired school admin who happens to have a $200,000 pension?

bruce
6 years ago

why do they always start with the supposed answer – taxes? Let’s start with what the bills are and how much do these idiots need. As stated below, yeah let’s calculate everything it would take. What? Maybe $45B per year to pay for everything and some reasonable way to pay the unfunded pensions? $50B? Then let’s use that number and derive a progressive rate. We know about how many people make how much…what’s the result? Maybe even throw in 1% cap on property taxes to see what the State should really pay to drive down property taxes. Tax services, tax… Read more »

Jeff+Carter
6 years ago

I think that if we are going to have a Democratic governor in Illinois it should be Dan Biss. He is a crackpot. I want him to put the transaction tax on the finance industry, and load up Illinois with taxes, user fees and socialism. Let’s get it over with.

nixit
6 years ago

I’ve seen Martire’s tax plan mentioned here. The effective tax rate on $200K would put us in the highest 10 states nationwide, higher than NY and CT. At $500K, we’re in the top 5. Since Martire’s plan doesn’t have a separate bracket for married filing jointly like most states, it’s hard to determine the actual household impact. If there’s only one bracket, it’s a lot worse. But the argument for a progressive income tax always forgets one important point: property tax. We’ve been told for decades that our property taxes are high because income taxes are low. Per Wallethub, here’s… Read more »

SIGN UP HERE FOR FREE WIREPOINTS DAILY NEWSLETTER

Home Page Signup
First
Last
Check all you would like to receive:

FOLLOW US

 

WIREPOINTS ORIGINAL STORIES

Number of half-empty Chicago public schools doubles, yet lawmakers want to extend school closing moratorium – Wirepoints

A set of state lawmakers want to extend CPS’ current school closing moratorium to February 1, 2027 – the same year CPS is set to transition to a fully-elected school board. That means schools like Manley High School, with capacity for more than 1,000 students but enrollment of just 78, can’t be closed for anther three years. The school spends $45,000 per student, but just 2.4% of students read at grade level.

Read More »

WE’RE A NONPROFIT AND YOUR CONTRIBUTIONS ARE DEDUCTIBLE.

SEARCH ALL HISTORY

CONTACT / TERMS OF USE