We failed miserably, we spent all the money we extorted from you, we have nothing to show for it and now we need more and you know what, we are simply going to TAKE it and there is nothing you can do about it. Eat Cake.
241 years ago tomorrow perhaps the greatest collection of real men ever born into the same era wrote a document to throw of the chains of the type of tyranny we see here. Will there ever be such men again?
Apparently not in the state of Illinois anytime soon. The comments in the second article are the typical totalitarian bromides but they are also uttered by republicans in Illinois. Take this one example:
“If I lose my seat so be it,” state Rep. Michael Unes, R-Pekin said, adding the state shouldn’t have gotten so close to a financial collapse. “Without this, we will lose thousands of lives and thousands of jobs and the alternative is so much worse. I don’t like this. This is not easy. This is really, really difficult,” Unes said. “But the alternative is much worse than this. The alternative is literally taking our state off the cliff.”
Aww, it’s really, really hard, it’s not easy and he doesn’t like it but since “thousands of lives” will be lost without further extortion screw the people. Pray tell, Mr. Pekin, how with thousands of lives be lost? Not one die can be taken from elsewhere to prevent lives being lost? For 40 years you and yours have spent money irresponsibly and now, if you do not continue doing so, if the people do not fork over even more money for you economic illiterates to continue to spend irresponsibly, now, but not last year, thousands of lives will be lost. What a sickening fool in a swamp of sickening fools.
Illinois Taxoholics Wear Down Rauner: Massive Tax Hikes In The Works
Authored by Mike Shedlock via MishTalk.com,
Total capitulation by Governor Bruce Rauner is in the works. The taxoholics wore him down.
In the emergency session, Rauner has agreed to hike the personal income tax rate to 4.95% from the current 3.75%. The corporate income tax rate will rise to 7% from the current 5.25% rate.
For what? Nothing. Reforms are non-existent.
Another Deadline Come and Gone
Illinois failed to approve a budget today and thus heads into its third fiscal year without one.
A vote has been scheduled for Sunday.
I do not expect your opinion will matter, but in the slim chance I am wrong, Please Email Your Representative voicing displeasure of the tax hike.
The preceding link will find your rep based on your address.
Rule of Nothing
A zombified Rauner has capitulated in every way but the final signing.
Tax hikes have been agreed to with no reforms in return.
The Rule of Nothing is clearly in play.
Rule of Nothing
In any given political situation, the best outcome one can reasonably expect generally happens when politicians do nothing.
Implied corollary#1: When politicians attempt to fix any problem, they are highly likely to make matters worse.
Corollary #2: Politicians almost never do nothing. It’s why we have a messed up healthcare system, education system, public pension system, etc..
Taxoholics Win Again
Chicago schools will not get fixed. The hikes will not shore up pension plans.
Within one month of tax hikes, public unions will ask for more money. And people will leave the state. So will corporations.
Rauner pledged 44 reforms. He is 0-44 on his pledges.
The property tax freeze currently under debate has so many holes it is as useful as a bucket with no bottom.
Trading tax hikes for nothing is a horrible deal. Nonetheless, the taxohalics won again.
More business flight and human capital flight is the guaranteed outcome. Doing nothing at all would have been a far better outcome.
Illinois House Approves Historic 32% Tax Increase, Governor Vows Veto
With Illinois, which on Saturday morning entered its third fiscal year without a budget, facing a catastrophic downgrade, late on Sunday evening the Illinois House approved the most controversial element of a budget package, a tax hike which will increase the income tax rate by 32% from 3.75% to 4.95%, and the corporate income tax rate from 5.25% to 7%, to try and end a historic budget impasse. The bill passed 72-45. The House also approved a $36 billion spending plan minutes later on a 81-34 vote. According to the Sun Times, it cleared an initial hurdle on Friday with 23 Republicans voting “yes.”
“While no one could say this was an easy decision, it was the right decision,” House Speaker Mike Madigan said after the spending bill vote. “There is more work to be done.” Dems said they would work with Republicans on other resolution of other issues on table.
The proposed tax increase will now head back to the Illinois Senate, which approved a revenue bill on May 23 with all Democratic votes as part of its “grand bargain” package. But Governor Bruce Rauner has said he’ll only support an income tax hike if it’s limited to four years and paired with a four-year property tax freeze. He’s also still seeking changes in workers’ compensation and pensions.
Commenting on the just passed House bill, Rauner said he’ll veto the revenue bill.
“I will veto Mike Madigan’s permanent 32% tax hike. Illinois families don’t deserve to have more of the hard-earned money taken from them when the legislature has done little to restore confidence in government or grow jobs,” Rauner said.
“Illinois families deserve more jobs, property tax relief and term limits. But tonight they got more of the same.” He also said in an emailed statement that “if the legislature is willing to pass the largest tax hike in state history with no reforms, then we must engage citizens and redouble our efforts to change the state.”
Some commentators promptly countered that Rauner’s veto will likely be overriden.
The tax bill passed with some essential Republican support: it needed 71 votes. But Illinois House Republican Leader Jim Durkin questioned how it will address the state’s $14 billion backlog. Durkin is seeking to get Rauner the “balanced budget package,” he wants, which includes spending reductions and “meaningful reforms.”
“I am disappointed that we’re taking this up at this moment when there has been significant, significant progress to address the priorities of the governor and also the priorities of this caucus,” Durkin said.
There are, of course, political ramifications to supporting a tax hike, on both sides of the aisle. Some House Democrats were expected to vote no to try to shield themselves from Illinois Republican Party attacks in next year’s election. But some House Republicans, knowing they’d too be targeted for supporting it. said there’s no other choice.
Others were even more fatalistic: “If I lose my seat so be it,” state Rep. Michael Unes, R-Pekin said, adding the state shouldn’t have gotten so close to a financial collapse. “Without this, we will lose thousands of lives and thousands of jobs and the alternative is so much worse. I don’t like this. This is not easy. This is really, really difficult,” Unes said. “But the alternative is much worse than this. The alternative is literally taking our state off the cliff.”
David Harris was among the Republicans who supported the bill, while also urging the governor to sign the revenue and spending bills if passed: “Have the courage to do what is right and bring this madness to an end.”
“I was not elected as a state legislator to help preside over the financial destruction of this great state,” Harris said. “I respect my colleagues who are voting no. But to me, enough is enough.”
Meanwhile, changes made by House Democrats from the original Senate bill include the removal of streaming and satellite fees. It also closed corporate tax loopholes, increased the earned income tax credit, and restored the research and development and manufacturers’ tax credit to attract more businesses.
House Democrats filed amendments to both the tax and spending measures on Sunday, which included nearly $400 million more in cuts. Although some House Republicans voiced frustrations over changes, House Democrats said they were reflective of topics discussed during negotiations.
It is unclear if the passed tax increase will be sufficient to placate S&P. Recall July 1 was the date when the credit agencies said they would drop the state to “junk” status without a budget. Ultimately, the fate of Illinois’ credit rating is now in the hands of Rauner, and whether and how fast his imminent veto is overriden.
Ultimately, Illinois faces a lose-lose dilemma: get junked and see its funding costs soar, or save its lowest possible investment grade rating, and watch as what is already the worst metropolitan exodus (recently the population of Chicago shrank the most of any US city), go into overdrive as tens of thousands more scramble to escape the state’s soaring tax rates.