March 13th, 2009, 04:53 PM #1
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- Feb 2003
- Bethalto, IL
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Illinois Income Tax increase proposal
Illinois Governor Pat Quinn has proposed an increase in Illinois State Income Tax from the current 3% to a proposed 4.5% and an increase in the standard exemption from the current $2000 per person to $6000 per person.
Where X = income and Y = exemption count, the formula for the point of intersection at which the new and old income tax burdens meet is X=14000Y.
So, with 1 exemption you'll pay less income tax so long as your income is less than 14K, with 2 exemptions you'll pay less under 28K, 3 @ 42K, 4 @ 56K, etc, etc.
Do I like it? Heck no! While I understand the graduated income tax and the ideology behind it, and even support the perfect scenario implementation of said ideology over the so-called "conservative" ideology of letting incomes reign free in anarchy, I not only find the current status of humanity to be incapable of applying said graduation of income redistribution at such levels, thanks in large part to inflation but in larger part to corruption, but I also find this as too low a conversion point of less versus more, hindering both the middle class, even its lower rungs, and the liberties of our citizens and economy of motion.
March 13th, 2009, 05:51 PM #2
This state is circling the drain. They need to raise money any way they can. But since they just ended the utility rate freeze, they're already killing lower income folks. Our electric bill *doubled* last month. We can afford it, but I can see where others cannot. Now they're also talking about raising the gasoline tax and furloughs for state employees (equivalent to a 4% reduction in pay). Again, it's not too painful for higher paid folks, but it's really going to hurt those closer to the bottom of the pay scale. Small cuts here and there add up to disaster when you're living paycheck to paycheck like lots of folks here. I wouldn't want to be an IL state legislator now. Not for the pittance they get paid.You can't fix stupidity.
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