Illinois raises the personal income tax by 67%

[Zilam]

Now back to Taxes. Texas has no State income Tax because it doesn't need one, Texas has Oil. Illinois has no such Resources, just Corn and Soybeans.

Baloney on this part. We have natural gas, small amounts of oil, and quite a bit of coal down this part. Get the coal mines back open, and see how things change.

[Xomic]

It's not misleading.

Yes, yes it is.

You're math skills need improving.

I am well aware that it's a 67% increase in tax Sibirsky, as are others here. However, we're also aware that the actual tax increase is small, which you're attempting to hide using the percent increase in your title to make it more alarming than it is.

[Sibirsky]

The CME can easily move to New York. They can just move in with NYMEX.

Normally you want a central distribution so I would say Houston is the more likely choice.

Well, they own NYMEX so that's why I figured that. Houston is a better location in my opinion.

[Shrillland]

Except that these things only happen in the magical world of your imagination, and in real life companies don't bother moving, because relocation has associated costs and requires large amounts of effort to avoid a rather small tax. A tax which, at that, will probably only be there for a period of perhaps a decade.

Seriously, taxes are not a Get Rid Of Business button.

Did Boeing not move to Chicago just several years ago?

I'm going to laugh when they move out. I don't know about Boeing, but I can certainly see the CME go. And a bunch of smaller companies. The tax increase is not small. And, as likely to happen, if it becomes permanent, it's an ongoing expense. Compared to relocation expenses being a one time charge.

Plenty of states have higher Taxes than we do, and they still have plenty of business. People leave Pennsylvania and they have an income tax of 3.4%. This won't force people out, the Property Taxes are doing that.

[Sibirsky]

This thread title is extremely misleading. I don't care if it's gone up by 67% if it's really only a small increase of 2%. I really do laugh at your poor attempts at trying to skew the facts.

The increase is 67%. What's skewed are your math skills.

[Sibirsky]

It's not misleading.

You're math skills need improving.

I live in Chicago. I make $100,000 (I have a job). My tax bill (for the state if Illinois) goes from $3000 to $5000. An increase of 67%.

Write that down.

I own a business in Chicago. I net $3 billion. My taxes are going to increase by $66 million. I also employ 8 thousand people and they gross $100k each. Their cumulative taxes are going to increase by $16 million.

Ok. What's your net income when all is said and done?

Pre-tax was $3 billion in my example. Your point?

[The Southron Nation]

It's a bad idea. Businesses will leave. Residency rates will plummet. They are creating a no-mans land.

[Shrillland]

Now back to Taxes. Texas has no State income Tax because it doesn't need one, Texas has Oil. Illinois has no such Resources, just Corn and Soybeans.

Baloney on this part. We have natural gas, small amounts of oil, and quite a bit of coal down this part. Get the coal mines back open, and see how things change.

I must disagree, albeit out of selfishness to see our own Coal Mines open again. Even so they won't do so for either of us, because it's not the green thing to do.

[Sibirsky]

It's not misleading.

Yes, yes it is.

You're math skills need improving.

I am well aware that it's a 67% increase in tax Sibirsky, as are others here. However, we're also aware that the actual tax increase is small, which you're attempting to hide using the percent increase in your title to make it more alarming than it is.

67% is not a small increase.

[Shrillland]

It's a bad idea. Businesses will leave. Residency rates will plummet. They are creating a no-mans land.

Residency rates are plummeting well enough without Income Tax increases, like I said it's the Property Taxes that are killing people, but the State can do nothing about them.

[Sibirsky]

Did Boeing not move to Chicago just several years ago?

I'm going to laugh when they move out. I don't know about Boeing, but I can certainly see the CME go. And a bunch of smaller companies. The tax increase is not small. And, as likely to happen, if it becomes permanent, it's an ongoing expense. Compared to relocation expenses being a one time charge.

Plenty of states have higher Taxes than we do, and they still have plenty of business. People leave Pennsylvania and they have an income tax of 3.4%. This won't force people out, the Property Taxes are doing that.

This isn't going to help. The state is already losing people. Why drive more of them out? It makes no sense at all.

[Tubbsalot]

:palm:
Did Boeing not move to Chicago just several years ago?

I'm going to laugh when they move out. I don't know about Boeing, but I can certainly see the CME go. And a bunch of smaller companies. The tax increase is not small. And, as likely to happen, if it becomes permanent, it's an ongoing expense. Compared to relocation expenses being a one time charge.

According to the article, overall tax rates in Kentucky are sub-5%, and yet somehow - through some bizarre surreal coincidence - there are companies who are still not based in Kentucky. Holy shit. How about that.

Is it because taxes are not the only consideration to make in selecting a location for headquarters?

Oh my god, I think it is.

[The Southron Nation]

Ok. What's your net income when all is said and done?

Pre-tax was $3 billion in my example. Your point?

I think his point was that you are one of those greedy ass-hat capitalists and deserve to suffer for employing people. I think he was suggesting that you deserve higher taxes b/c you are more productive than he.

You prick.


One greedy capitalist to another, I feel for you brother. Move down south! Right to work and lower taxes!

[The Black Forrest]

Ok. What's your net income when all is said and done?

Pre-tax was $3 billion in my example. Your point? [/quote]

I am curious to after tax. Is your company public? Oh wait you said you own it. Ok info not public. Sorry slow on the brain today.....

[Sibirsky]

:palm:
Did Boeing not move to Chicago just several years ago?

I'm going to laugh when they move out. I don't know about Boeing, but I can certainly see the CME go. And a bunch of smaller companies. The tax increase is not small. And, as likely to happen, if it becomes permanent, it's an ongoing expense. Compared to relocation expenses being a one time charge.

According to the article, overall tax rates in Kentucky are sub-5%, and yet somehow - through some bizarre surreal coincidence - there are companies who are still not based in Kentucky. Holy shit. How about that.

Is it because taxes are not the only consideration to make in selecting a location for headquarters?

Oh my god, I think it is.

Did I say they were? But when Wisconsin is lowering taxes, and Illinois is raising them, you may see an increase in the number of people leaving the state.

So Boeing did not move to Chicago? How about that?

[Bavin]

Props to the Illinois legislature for having the balls to raise taxes.

[Hydesland]

Except that these things only happen in the magical world of your imagination, and in real life companies don't bother moving, because relocation has associated costs and requires large amounts of effort to avoid a rather small tax. A tax which, at that, will probably only be there for a period of perhaps a decade.

Seriously, taxes are not a Get Rid Of Business button.

I don't think it's that hard or burdensome to relocate any more. Indeed, companies relocate all the time, even at relatively minor adjustments to the tax rate, that's why every major financial sector is too shit scared to levy even trivial tax increases on financial institutions and transactions even though they desperately want to, because in the UK for instance there is the fear that London will very quickly cease to become an investment hub (which it is already on the brink of becoming). Modern globalisation has enabled companies to purchase property quickly and easily or quickly change where cash flows are held and through which locations transactions take place. They can through legal loop holes declare these newly bought properties as their HQ quickly, even if it's otherwise a non important premises for the multinational company, although sometimes they really do move there (see Skpe and Ebay, for example). I don't think though that this tax hike will have any significant effect in this case, the larger corporations will probably evade the majority of the burden anyway, and things like this have already been anticipated for a long time.

[Tubbsalot]

Did I say they were? But when Wisconsin is lowering taxes, and Illinois is raising them, you may see an increase in the number of people leaving the state.

So Boeing did not move to Chicago? How about that?

Yeah, you might see an increase in people leaving the state. I don't think anyone cares. When a state is spiralling into debt, money comes first and people second. They have enough to worry about at present , never mind the future for now.

I have no idea what point you're trying to make with Boeing.

[Shrillland]

According to the article, overall tax rates in Kentucky are sub-5%, and yet somehow - through some bizarre surreal coincidence - there are companies who are still not based in Kentucky. Holy shit. How about that.

Is it because taxes are not the only consideration to make in selecting a location for headquarters?

Oh my god, I think it is.

Did I say they were? But when Wisconsin is lowering taxes, and Illinois is raising them, you may see an increase in the number of people leaving the state.

So Boeing did not move to Chicago? How about that?

Wisconsin Lowered Taxes and we got jobs from them, after they refused the High-Speed Rail money. A plant that made Cars for the Trains moved from Milwaukee to Rockford after Wisconsin's new Tea Party Government refused the money, and we accepted it and decided to build a new Rail Line from Chicago to Dubuque.

[Sibirsky]

Pre-tax was $3 billion in my example. Your point?

I think his point was that you are one of those greedy ass-hat capitalists and deserve to suffer for employing people. I think he was suggesting that you deserve higher taxes b/c you are more productive than he.

You prick.


One greedy capitalist to another, I feel for you brother. Move down south! Right to work and lower taxes!

They've been telling me that in right-to work states people are treated like slaves.

[Shrillland]

Props to the Illinois legislature for having the balls to raise taxes.

Damn straight. Now if only the money actually went to services....

[Sremski okrug]

Except that these things only happen in the magical world of your imagination, and in real life companies don't bother moving, because relocation has associated costs and requires large amounts of effort to avoid a rather small tax. A tax which, at that, will probably only be there for a period of perhaps a decade.

Seriously, taxes are not a Get Rid Of Business button.

I don't think it's that hard or burdensome to relocate any more. Indeed, companies relocate all the time, even at relatively minor adjustments to the tax rate, that's why every major financial sector is too shit scared to levy even trivial tax increases on financial institutions and transactions even though they desperately want to, because in the UK for instance there is the fear that London will very quickly cease to become an investment hub (which it is already on the brink of becoming). Modern globalisation has enabled companies to purchase property quickly and easily or quickly change where cash flows are held and through which locations transactions take place. They can through legal loop holes declare these newly bought properties as their HQ quickly, even if it's otherwise a non important premises for the multinational company, although sometimes they really do move there (see Skpe and Ebay, for example). I don't think though that this tax hike will have any significant effect in this case, the larger corporations will probably evade the majority of the burden anyway, and things like this have already been anticipated for a long time.

[The Black Forrest]

Pre-tax was $3 billion in my example. Your point?

I think his point was that you are one of those greedy ass-hat capitalists and deserve to suffer for employing people. I think he was suggesting that you deserve higher taxes b/c you are more productive than he.

You prick.


One greedy capitalist to another, I feel for you brother. Move down south! Right to work and lower taxes!

[Sibirsky]

Pre-tax was $3 billion in my example. Your point?

I am curious to after tax. Is your company public? Oh wait you said you own it. Ok info not public. Sorry slow on the brain today.....[/quote]
Why is that relevant? I posted a big write up for you in the other thread.

[Sibirsky]

Props to the Illinois legislature for having the balls to raise taxes.

Yes, we should destroy the country faster.