Grab Ankles

Yes it is time for us in the great Democratic Republic of Illinois to fork over more of our money to the great Government.  They always try to change what the bills are, and sneak them past us.  This time they are trying to make it look like it is not a tax increase, wink wink, nudge, nudge. It is just a tax swap.  Yeah!! Right!!!!

H/T to Crazy Politico's Rantings
Cross posted at Grizzly Groundswell

Illinois State Senate tries again for 'tax swap' to raise income taxes

                                                                                                                                                                                                                                                                                                                                                                                                                            

By Ashley Wiehle |Tribune reporter

February 28, 2008

SPRINGFIELD -  A controversial proposal to increase income taxes and lower property taxes was approved by a Senate committee Wednesday with a little boost from Senate President Emil Jones (D-Chicago), who signed on as a co-sponsor.

     Jones, a longtime proponent of an income-tax hike, had instead worked with  Gov. Rod Blagojevich last year in a failed effort to raise a major tax on businesses. But earlier this month he once again embraced the concept of increasing income taxes .

 

       The bill is a new version of Sen. James Meeks' (D-Chicago) "tax swap" that has repeatedly failed to gain traction in Springfield. The new proposal would raise personal income taxes from the current 3 percent level to 5 percent and boost corporate income taxes from 4.8 percent to 8 percent. In exchange, it would cut property taxes by a minimum of 20 percent from the education portion of a homeowner's bill.---Chicago Tribune

Yes and donkeys fly. 

How About A 66 Percent Tax Increase!    

                    

The Illinois State Senate, led by Emil Jones (D-Chicago) is going to try, once again, to advance a "tax swap"bill that would raise Illinois' income tax and corporate tax rates by 66%. The idea is that you raise income taxes from 3% to 5% and corporate taxes from 4.8% to 8%, then have the state distribute enough money from that raise to drop the education portion of property taxes by "at least 20%". (Story here in the Chicago Tribune)

I've done some basic math on this and what it comes out to, in my case, is the state trading me about a 400-500 dollar property tax rebate for a $1400 income tax increase! I'm thinking this isn't a fair "swap".--- Crazy Politico's Rantings