Illinois Taxes About to Skyrocket
This past weekend I traveled north to St. Charles Illinois. Took the train to downtown Chicago for my wife and daughter to shop, and to visit the museums. Sure doesn't appear to be any lack of people shopping downtown Chicago. If there is a recession ongoing they sure didn't get the memo!
One note of interest was the Cook County Board raised sales taxes to the highest in the nation at 10.25%. Reading from the Tribune, seems the head guy named Stoger campaigned on reducing the work force, and trimming spending to balance the budget. His first year he did make some cuts, then in true liberal fashion his second year, he determined the county needed 1000 more employees, and additional revenue to balance the budget. Aren't politicians free with other people's money? We'll see how that works out. By the way, Stoger only got half the increase he wanted!
The TV news interviewed numerous people about the tax increase. Here are a few of their responses; I'll shop on the Internet; I'll go to Indiana to shop; I'll go out of the county to shop; and from a store owner outside the county after Cook county raised the cigarette tax, her cigarette sales doubled, and she expects sales of other products to skyrocket while welcoming Cook county shoppers. Raising taxes always has unintended consequences.
Now the Illinois state government will pile on. This past week bills were introduced in the senate to raise the income tax by 2%, and raise corporate taxes to 8%. One thing I know is we have some really smart industrious people living here in Illinois, and you will see many find more economical states where they can live and to run their businesses. The businesses won't be as impacted by the corporate tax increase, as families will be by the income tax, because businesses will just pass along the taxes to you. If you can't pay the higher prices, then the businesses will move to where they can earn a profit.
The income tax is being sold with the promise of property tax relief. Think for a moment, do you really believe there will be legitimate, and permanent property tax relief? If you believe that I have a bridge outside of town I'll be happy to sell you!
Just think of the wonderful tax increases all Americans can expect if a Democrat wins the presidency. Both Clinton and Obama have over $800 billion in new spending proposed to support their nanny state initiatives, while they both will allow the Bush tax cuts to expire, raising taxes by the billions. This would raise income taxes on families earning $50,000 annually by $2000. Love how Democrats campaign on how they will protect the middle class, as they reach around behind their backs and pick their pockets.
Let's see, with liberals in charge of Cook County, now with the highest sales taxes in the land, Democrats begging to raise taxes in the state on families and corporations, and the potential of a liberal president funding massive new bureaucracies, and raising taxes in an already tenuous economy, you'd better go bury your cash in a coffee can in the back yard!