Man Pritzker annoys me. (Chicago, Springfield: how much, to live, budget)

[My Kind Of Town]

Since financial ruin is Illinois’ inevitable outcome, does it really matter who wins this seat? It wasn’t Rauner’s fault we ended up in this position and it certainly won’t be Pritzker’s fault either since he’s inheriting an even bigger mess than Rauner did.

[MSchemist80]

Yea before that happens a Democrat may decide we need a 13% income tax, much higher property taxes say 10% effective, 20% sales taxes etc and cause this state irreparable damage in terms of businesses and people fleeing even worse than now. I have a fair amount of money in the stock market but I am not nearly as worried about that investment as I am in buying a house in Illinois.

[My Kind Of Town]

Originally Posted by MSchemist80

Yea before that happens a Democrat may decide we need a 13% income tax, much higher property taxes say 10% effective, 20% sales taxes etc and cause this state irreparable damage in terms of businesses and people fleeing even worse than now. I have a fair amount of money in the stock market but I am not nearly as worried about that investment as I am in buying a house in Illinois.

Only if Pritzker wants to sit for one term...I know everyone enjoys painting doomsday scenarios but the tax increases won’t be nearly as dramatic as you are suggesting. Not in the next 4 years at least.

[Hiruko]

Originally Posted by MSchemist80

Yea before that happens a Democrat may decide we need a 13% income tax, much higher property taxes say 10% effective, 20% sales taxes etc and cause this state irreparable damage in terms of businesses and people fleeing even worse than now. I have a fair amount of money in the stock market but I am not nearly as worried about that investment as I am in buying a house in Illinois.

This is actually a very realistic scenario if Illinois politicians do not make fundamental reforms (pensions, workers' comp, regulation, etc.) and decrease spending (schools, transit, everything) quickly.

CRAIN'S: Think that progressive tax will fix Illinois finances? Well...

[Grlzrl]

Originally Posted by My Kind Of Town

Only if Pritzker wants to sit for one term...I know everyone enjoys painting doomsday scenarios but the tax increases won’t be nearly as dramatic as you are suggesting. Not in the next 4 years at least.

Based on what?

[My Kind Of Town]

Originally Posted by Grlzrl

Based on what?

The same evidence that tells you he will "double" them. Bottom line, if he wants to win re-election in 2022 (yes, I am assuming he wins next month because he will), then he isn't proposing some through the roof tax increases over the next 4 years. More than likely minimal tax increases and more kicking the can down the road as everyone that preceded him has done.

From the Crain's article linked earlier in this thread regarding a progressive income tax system in Illinois, "The result? Illinois would have to raise its personal income tax rate right away by 1.5 percentage points, to 6.45 percent, with a corresponding 1.5-point increase in the corporate rate, to 8.5 percent, for a grand total of $6 billion in revenue." Yes, those are considerable increases but a far cry from "doubling" the current rate or:

Originally Posted by MSchemist80

Yea before that happens a Democrat may decide we need a 13% income tax, much higher property taxes say 10% effective, 20% sales taxes etc and cause this state irreparable damage in terms of businesses and people fleeing even worse than now. I have a fair amount of money in the stock market but I am not nearly as worried about that investment as I am in buying a house in Illinois.

The hyperbole in this thread is thick.

[MSchemist80]

Originally Posted by My Kind Of Town

The hyperbole in this thread is thick.

How hyperbole is $250E9 compounding continuously? How do you think Illinois is going to come up with that increasing the cigarette tax again? gambling, marijuana?

[My Kind Of Town]

Originally Posted by MSchemist80

How hyperbole is $250E9 compounding continuously? How do you think Illinois is going to come up with that increasing the cigarette tax again? gambling, marijuana?

This is hyperbole;

Originally Posted by MSchemist80

Yea before that happens a Democrat may decide we need a 13% income tax, much higher property taxes say 10% effective, 20% sales taxes etc and cause this state irreparable damage in terms of businesses and people fleeing even worse than now. I have a fair amount of money in the stock market but I am not nearly as worried about that investment as I am in buying a house in Illinois.

[Liledgy]

Originally Posted by MSchemist80

Yea before that happens a Democrat may decide we need a 13% income tax, much higher property taxes say 10% effective, 20% sales taxes etc and cause this state irreparable damage in terms of businesses and people fleeing even worse than now. I have a fair amount of money in the stock market but I am not nearly as worried about that investment as I am in buying a house in Illinois.

I certainly wouldn’t want to be a renter! Ya ya ya, I know you could leave easier, but you wont. It’s easier to complain.

[My Kind Of Town]

Originally Posted by Liledgy

I certainly wouldn’t want to be a renter! Ya ya ya, I know you could leave easier, but you wont. It’s easier to complain.

No kidding. Homes comparable to mine are renting out for $3,000/month. Talk about throwing your money down the drain to the tune of $36,000/year...