Illinois Pushes New 'Wealth Tax' As High Earners Flee The State In Droves

[longknife]

You would think they’ve learned after seeing what happened to New York. Political greed knows no bounds. And Chicago had 42 shootings over the Memorial Day weekend.

And while the new taxes might make up for some of this shortfall, at least in the short term, once the new taxes start to bite, those wealthy residents saddled with the new tax will almost inevitably start looking for greener pastures - and sun-belt states like Arizona and Florida offer several advantages over chilly Illinois.

More @ Illinois Pushes New 'Wealth Tax' As High Earners Flee The State In Droves

 

[Carl in Michigan]

Government greed is destroying the tard states. Dont let them move to my state!

 

[Polishprince]

You would think they’ve learned after seeing what happened to New York. Political greed knows no bounds. And Chicago had 42 shootings over the Memorial Day weekend.

And while the new taxes might make up for some of this shortfall, at least in the short term, once the new taxes start to bite, those wealthy residents saddled with the new tax will almost inevitably start looking for greener pastures - and sun-belt states like Arizona and Florida offer several advantages over chilly Illinois.

More @ Illinois Pushes New 'Wealth Tax' As High Earners Flee The State In Droves

Actually, its all working according to plan for the Illinois politicians.

Their hope is to replace high earners with Illegal Aliens and others without a pot to urinate in, who will be more loyal Democrat voters.

 

[Slyhunter]

Sales taxes works best to tax those who have more money buy more stuff.

 

[blastoff]

As long as none of the new tax revenue goes towards any improvements whatsoever for the Convicted Illinois Politicians wing at the Stateville Correctional Center, a sort of second home to lots of Chicago and state politicians who, temporarily at least, can’t scheme ways to get their grubby hands on any of that taxpayers’ money floating amongst the pols, fixers, and whatnot on the outside.

 

[william the wie]

IL, NJ and KY seem to be the most likely initial defaults from the OP's source but unfunded liabilities, the Trade War, the Wall, oddities such as the LA garbage mountain and criminal investigations could change that ranking fast. The Blue wall is in massive trouble all over.

 

[Fueri]

Illinois is fucked. stuck in a repeating cycle of taxing and falling further behind. taxing more, falling further behind.

the pension liabilities are the primary issue and what has been done about that? zip.

the dems don't want to piss off the unions and are therefore unwilling to point out the obvious. Almost nobody gets pensions any longer. That these public sector workers are still pulling these sorts of benefits for driving a desk is insane.

The state is literally going bankrupt and the politicians still won't do anything about the problem because doing so would hurt them politically. fuggin joke.

 

[william the wie]

Illinois is fucked. stuck in a repeating cycle of taxing and falling further behind. taxing more, falling further behind.

the pension liabilities are the primary issue and what has been done about that? zip.

the dems don't want to piss off the unions and are therefore unwilling to point out the obvious. Almost nobody gets pensions any longer. That these public sector workers are still pulling these sorts of benefits for driving a desk is insane.

The state is literally going bankrupt and the politicians still won't do anything about the problem because doing so would hurt them politically. fuggin joke.

There is currently no state bankruptcy statute so technically it will be a default. That will probably result in an independent counsel and higher muni yields not to mention a lot off D politicians heading off to jail.

 

[Andylusion]

Government greed is destroying the tard states. Dont let them move to my state!

AND THAT RIGHT THERE..... That is what drives me insane.

These people vote in Democraps, who then implement policies they themselves can't stand, so they leave.

Then they push for Democrats in the state they go to, who push the exact same policies that made them leave the last state!

There's a book about this called "Myth of the Rational Voter".

https://www.amazon.com/dp/B007AIXLDI/?tag=ff0d01-20

One of the economists that was writing about this, his own father was in Jamaica, when that left-wing pro-poor socialist Manly famously responded to critics of his policies that there are "five flights a day to Miami."

AND THEY LEFT!

Memories of Jamaican Exodus Shed Light on Cubans' Agonies

Jamaica crashed into economic decay and wide spread crime and drugs.

But the kicker was, this economists Father had to leave as well, because his job ended specifically due to the Manly policies. They end up in Miami.... and his father was voting for Democrats here. It's ridiculous. They never learn. They never figure out their policies simply don't work.

 

[2aguy]

You would think they’ve learned after seeing what happened to New York. Political greed knows no bounds. And Chicago had 42 shootings over the Memorial Day weekend.

And while the new taxes might make up for some of this shortfall, at least in the short term, once the new taxes start to bite, those wealthy residents saddled with the new tax will almost inevitably start looking for greener pastures - and sun-belt states like Arizona and Florida offer several advantages over chilly Illinois.

More @ Illinois Pushes New 'Wealth Tax' As High Earners Flee The State In Droves

Let's fix that quote......

while the new taxes might make up for some of this shortfall

As every experiment with taxing the wealthy shows, the new taxes will not make up for any shortfall, and will, in fact and past exprience, end up with less, not more, tax revenue....

There....fixed that quote with the truth...

 

[2aguy]

Illinois is fucked. stuck in a repeating cycle of taxing and falling further behind. taxing more, falling further behind.

the pension liabilities are the primary issue and what has been done about that? zip.

the dems don't want to piss off the unions and are therefore unwilling to point out the obvious. Almost nobody gets pensions any longer. That these public sector workers are still pulling these sorts of benefits for driving a desk is insane.

The state is literally going bankrupt and the politicians still won't do anything about the problem because doing so would hurt them politically. fuggin joke.

Let's fix your post...with respect....

The state is literally going bankrupt

The state is bankrupt....and the end is fast approaching.....

There, that is more accurate...

 

[Staidhup]

Illinois will never be able to out tax their pension liabilities and misappropriation of dedicated infrastructure funding to buy time.The hole is simply too deep. The remaining option will be bankruptcy. Bond holders and unsecured creditors will shoulder the burden and the same irresponsible clowns will be re-elected over and over. Too bad for the Windy City.

 

[Claudette]

Hope those dipshits don't come to Florida. We sure don't need any more Dem idiots voting. They sure ruined their own state with the way they vote.

 

[Claudette]

Illinois will never be able to out tax their pension liabilities and misappropriation of dedicated infrastructure funding to buy time.The hole is simply too deep. The remaining option will be bankruptcy. Bond holders and unsecured creditors will shoulder the burden and the same irresponsible clowns will be re-elected over and over. Too bad for the Windy City.

They keep voting in idiots to run the State and look where they are now.

One would think they would catch a damned clue. Guess not.

 

[2aguy]

Hope those dipshits don't come to Florida. We sure don't need any more Dem idiots voting. They sure ruined their own state with the way they vote.

That is the wall we need after the one on the border....keeping tax and spend democrats in the cities and states they have destroyed....

 

[2aguy]

Illinois will never be able to out tax their pension liabilities and misappropriation of dedicated infrastructure funding to buy time.The hole is simply too deep. The remaining option will be bankruptcy. Bond holders and unsecured creditors will shoulder the burden and the same irresponsible clowns will be re-elected over and over. Too bad for the Windy City.

They keep voting in idiots to run the State and look where they are now.

One would think they would catch a damned clue. Guess not.

This guy, pritzker, told them he was going to raise taxes........and they voted for him.......

 

[william the wie]

Illinois will never be able to out tax their pension liabilities and misappropriation of dedicated infrastructure funding to buy time.The hole is simply too deep. The remaining option will be bankruptcy. Bond holders and unsecured creditors will shoulder the burden and the same irresponsible clowns will be re-elected over and over. Too bad for the Windy City.

No they will go to jail.

 

[2aguy]

Illinois will never be able to out tax their pension liabilities and misappropriation of dedicated infrastructure funding to buy time.The hole is simply too deep. The remaining option will be bankruptcy. Bond holders and unsecured creditors will shoulder the burden and the same irresponsible clowns will be re-elected over and over. Too bad for the Windy City.

No they will go to jail.

The democrats run the Attorney Generals office in Springfield....

 

[william the wie]

They own the US attorney's office?

 

[Fueri]

Illinois is fucked. stuck in a repeating cycle of taxing and falling further behind. taxing more, falling further behind.

the pension liabilities are the primary issue and what has been done about that? zip.

the dems don't want to piss off the unions and are therefore unwilling to point out the obvious. Almost nobody gets pensions any longer. That these public sector workers are still pulling these sorts of benefits for driving a desk is insane.

The state is literally going bankrupt and the politicians still won't do anything about the problem because doing so would hurt them politically. fuggin joke.

There is currently no state bankruptcy statute so technically it will be a default. That will probably result in an independent counsel and higher muni yields not to mention a lot off D politicians heading off to jail.

I'll agree with all of that, except the politicians heading off to jail.

they own the courts here too. Supreme Court elections are filthy with 'donations', making judges the same as politicians in terms of relying on donors to fill their coffers for elections, which run into the millions here.

See this case, where State Farm secretly funded a Judicial election in Illinois in an apparent attempt to pack the court to rule in their favor on a previous ruling, and settled this just last year to avoid an actual RICO case trial

State Farm Agrees to Pay $250 Million, Avoids Racketeering Trial

State Farm Agrees to Pay $250 Million, Avoids Racketeering Trial


"State Farm agreed to pay $250 million on the brink of a trial to customers who claimed the company tried to rig the Illinois justice system to wipe out a $1 billion jury verdict from 19 years ago."

"The biggest U.S. auto insurer was accused in the case of leading an effort to recruit a judge friendly to its cause for the Illinois Supreme Court, secretly funding Judge LLoyd Karmeier’s 2004 election campaign by funneling money through advocacy groups that didn’t disclose donors. Under the federal Racketeer Influenced and Corrupt Organizations Act, any damages would have been tripled."

"In 1999, an Illinois state court jury awarded the customers $456 million for breach of contract, and the trial judge added $730 million in damages on a fraud claim. An appellate court reduced the verdict to $1.056 billion, but it was one of the largest class-action awards in U.S. legal history.

In 2004, Karmeier, a Republican who had been a circuit judge in rural Washington County for almost two decades, was elected to the Illinois Supreme Court. A year later, that court threw out the award, and the U.S. Supreme Court refused to review the case, seemingly ending the litigation."


I don't see a solution to the state's problems. To work with the pensions will require an amendment to the state's Constitution, as a law passed in 2013 to try to dial it back was thrown out by the Illinois Supreme Court as unconstitutional- and that amendment will never happen due to political reasons, IMO.