3% to 5 % is no big deal.

Discussion in 'Economy' started by RetiredGySgt, Jan 13, 2011.

  1. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Neighboring states gleeful over Ill. tax increase - Yahoo! News

    Don't get me wrong I am opposed to tax increases and the business one is 4 % to 7 % so a tad worse. But the overall raise is minor.

    I would suggest the States gloating may be in for a rude awakening when Business does not flee for such a small increase.
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    The state has to pay for all of those social welfare programs for the impoverished people in the slums of Chicago. Ya gotta get tax money some how.
     
  3. saveliberty
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    saveliberty Diamond Member

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    Ever hear of the phrase nickeled and dimed to death. By itself a 2% rise is not significant, but combined with increased gas prices (17%), food prices, stamps, insurances and all the other "little increases, it means making ends meet is harder. Combine that with reduced wages for those who found new jobs after losing their previous one and it is bad news indeed.

    Illinios charges for about everything you do or need. I frankly have no idea what the general income tax actually pays for.
     
  4. Skull Pilot
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    Skull Pilot Platinum Member

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    It's no big deal when it's a tax but the teachers' union in NJ had a fucking conniption when Christy wanted them to pay 2% more for their health insurance.

    So I guess only unions have the right to complain about paying more.
     
  5. william the wie
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    william the wie Gold Member

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    IL has been losing jobs and people for a long time and while it is doubtful that this or any other particular straw will break the camel's back it is only a matter of time.
     
  6. Baruch Menachem
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    Baruch Menachem '

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    Oregon does not have a sales tax, but our income tax is now 11%.

    I have a hard time believing that businesses will find 7% in itself to be onerous, but it will be added to the mix when it come to budget time. No doubt for a lot of businesses, marginal cost will exceed marginal revenue, and while it is small potatoes, businesses all over will be doing like the gambler: Know when to hold em, and when to fold em. Know when to walk away, and know when to run. Given the business climate in Illinois, it is time to fold and run.
     
  7. saveliberty
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    saveliberty Diamond Member

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    We have witnessed companies leave the state over which other state will offer the best tax break and/or free/reduced cost facilities. Uncertainty in overhead costs are some of waht has slowed economic recovery (jobs) already. Illinios as learned nothing.
     

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