I am pleased to report we loaded our U-Haul rental yesterday and I am on the road driving to our new home in Utah. They figured out a way to tax wealthy folks trying to flee Illinois: A progressive real estate transfer tax, and the idea seems to be getting popular. Currently, the state constitution mandates that income tax be levied at a flat rate across all incomes. The Simon Institute at Southern Illinois polled the question in 2013, and 74 percent of respondents were opposed—but 60 percent favored a tax on retirement income over $100,000, compared to … By: Mark Glennon* Eureka! April 9, 2019Illinois Senate Republican Leader Bill Brady, R-Bloomington, said his caucus opposes the changed tax structure because it doesn’t provide middle class protections and opens the door for the “Democratic majority” to alter rates at any time. This is scary stuff – seizure of property before it can escape. Income from $500,000 to $1 million would be taxed 7.85 percent and income over $1 million would be taxed 7.99 percent. Pritzker unveils proposed graduated income tax rates, Republicans balk, Illinois Voting Guide 2020 from the Chicago Sun-Times, 2020 Election Endorsements from the Sun-Times Editorial Board, How to vote in the November election in Illinois.
I think it will be $125k or more, where do you think it will fall? Lots of rentals. Trump’s supposed public ignorance of how elections work is designed to create doubt over the outcome if it looks like he is headed to defeat. The Simon Institute at Southern Illinois polled the question in 2013, and 74 percent of respondents were opposed—but 60 percent favored a tax on retirement income over $100,000, compared to just 39 percent favoring service taxes. Aug. 30, 2019Fresh off a televised address outlining an $838 million deficit, Mayor Lori Lightfoot said “we can’t keep taxing the hell out of all of our people who make substantial incomes” — despite her previous support of Gov. Right now we are just a few hours into the trip, but we have crossed the state line and are now in Iowa.
On February 12, Wirepoints noted If the wealthy flee, ordinary Illinoisans will be left holding the progressive tax bag. thanks for the idea, assuming the original Illinois mortgage is non recourse? Senior citizens are a notoriously reliable voting bloc, and an important group to appeal to. The “exit tax” is the regular income tax applied to special people, but at an earlier date than would otherwise be the case.
How would the state know where you are moving to? We're quite happy now that we have left our old state where we lived for the last 30 years while raising and educating our son. Under current law, Illinois's state income tax rate is a flat rate of 4.95 percent.
Civic Federation president Laurence Msall stressed that the organization’s recommendation isn’t a stand-alone proposal “in the abstract,” and would have to be implemented in conjunction solid budget. We were paying about $15,000 a year in property taxes on a home now worth about $380,000 or so. We also currently have a great record with the pandemic due to the actions of our Democratic governor. Voters will not be voting on the specific taxes rates or brackets, but rather, on amending the Illinois Constitution to allow for such a system to be implemented. yes the price of gas/cigs in S. Illinois..geez Why is it so high?? Peace & Prosperity to you and the family. and nobody on the left says anything, City income tax on tap for sure. If Utah doesn't work out, I will repeat my suggestion of moving to your northern neighbour. Feb. 19, 2020There’s another budget proposal included in the 2021 budget book and discussed in lawmaker briefings that includes the fictional world of a graduated income tax. But just two years later, retirement income was partially exempted, and then fully exempted in 1972. “The Census tracts seem to show that people are leaving the state of Illinois.”.
Pritzker’s proposed graduated income tax. Their burden will increase until their backs are broken. “If you asked how much they paid in sales taxes, unless they’re keeping track, they wouldn’t know.”. The general public doesn’t like the idea of the statewide property tax, but a transfer tax only on the wealthy? I'm sad that the circumstances in Illinois have deteriorated so much that you feel you are forced to move. Facebook. IMHO, your timing is pretty good. The above snake represents Nate Silver's outlook as of 1:42 Easter on Sunday November 3. Knock Illinois all you want. Fantastic that you managed to escape Mish, you will be the better for it!! I grew up in Texas in the 80s and that was the time to be there Eventually the oil boom will go bust in Texas. Sun-Times politics reporters Tina Sfondeles and Rachel Hinton put together a guide of everything you need to know before voting on the issue. Illinoisans Leave State in Record Numbers, and So Are We, On January 2, 2020 I announced Illinoisans Leave State in Record Numbers, and So Are We. April 26, 2020The coronavirus pandemic vividly reveals the unfairness of a flat income tax, in which every dollar is taxed at the same rate no matter how rich or poor you are. A whole lot of aspiring and enterprising families who sought to build wealth through the acquisition of single family rental units are going to feel a whole lot of pain. Progressives Zero In On Exit Tax On Illinois Wealth.
I relocated from California to Utah 29 years ago ... was a good move, although it was quite a culture shock back then. It sounds as if you would have stayed in IL if the state could have run its finances better, instead of loading the burden on the taxpayer's backs. By: Mark Glennon* Eureka! Goodbye Illinois. We moved to Abilene, TX a couple years ago. As always the Democrats and government always wage war on those trying to move up the ladder in society. I discussed Utah in my October 5, 2019 post Escape Illinois: Get The Hell Out Now, We Are. Never looked back what a hell whole nasty place.
If enough people get desperate enough to do this en masses to escape IL, imagine the inescapable chaos for those left behind! Do you know what a Downwinder is? Indeed, census data shows the state has lost over 88,000 net residents in the last four years, with over a third of that loss counted in the last year alone. We have a beautiful 1 acre lot, surrounded by 30 white or and burr oak trees 100-200 years old. But property values are sinking. The Civic Federation’s recent report also suggests Illinois expand its sales tax to a list of 14 service categories, the same group of services taxed by Wisconsin. People are moving out of Illinois and taking their tax dollars with them more than almost any other state in the country. On this point, both Gov. September 4, 2020As big as the eight-figure donation is from Ken Griffin, the founder and CEO of hedge fund Citadel, it’s a fraction of what Gov. Yep, and we … Call Penske, they are hundreds less than U Haul. In his first gubernatorial campaign in 2014, Rauner was open to taxing “non-necessity” services like charter airplane flights, interior decorating and marina towing. Me? Free health care, much better managed pensions, friendly folks, bit of an accent though. All of Illinois’ neighbors tax retirement income in some form (as does the federal government).
We’re a Nonprofit and your contributions are deductible. Posted Nov 17, 2018 by Martin Armstrong The politicians in Illinois after destroying the state economically, want to now impose an EXIT tax for anyone who dares to think about leaving the state. Illinois residents will be voting on a graduated income tax proposal in November. I can logically explain, on many fronts, why there is nothing to the allegations. Wave as you pass through Nebraska. It's true, in that a lot of people get homesick and return back to their sinkhole. "We’re prepared to add more, we don’t want to, but if we need to we have some more," a parishioner said of the vigil, which is slated to last until Nov. 9. But the services were cut from the so-called “Grand Bargain” midway through negotiations, and the deal fell through anyway. Twitter. Wave to Latex Larry for us. You actually went and did it! When Illinois voters head to the polls on Nov. 3, 2020, they will vote on an amendment to the Illinois Constitution which would allow state lawmakers to impose a graduated income tax. change is good. Illinois is a recourse state, so you do things in order (you’ll want to strategize and work with an attorney- worth every dime) and get the debt (mortgage) discharged (eliminated) using bk.
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