Illinois taxes going UP

[KySongDog]

Illinois is hiking its personal income tax rate 66%.  Corporate rates go up 30%. 

Illinois passes massive tax increase



The problem is not taxes. The problem is spending. The politicians spend their way in to deficits and tax their way out. Only to again spend their way in to more deficits.

The cycle is never ending. As long as citizens want free money from the government, the politicians who want to get re-elected will give it to them. The cycle will continue until the country is bankrupt completely.

[pitw]

  I wanted to post this the other day when I read about it Semp but thought it might come off wrong .  Part that amazes me is the pensions they have there and none of that is ever touched. 

[FinsnFur]

Illinois is the most corrupt state in the nation, according to the FBI.
And actually they have been for a loo000ng time. It's like the place just draws criminal politicians. Yeah what politician isnt crooked right? But Illinois has been the center of attention for many years as having the most corrupt government in the United States and they keep cycling through.

Rod Blagojevich was arrested on federal corruption charges including conspiracy to commit mail and wire fraud and solicitation of bribery. He was governor for 6 years.

George Ryan before him got thrown in the federal clink for corruption convictions in 2006

Otto Kerner was convicted on 17 counts of bribery, conspiracy, perjury, and related charges.

Daniel Walker convicted of improprieties related to the First American Savings & Loan Association and received over a million dollars in fraudulent loans.

Scott_Fawell convicted on federal charges of racketeering and fraud.

Lawrence Warner  22-count federal indictment for racketeering, bribery, extortion, money laundering and tax fraud.

Shoot just as of last year I believe, a total of 79 former state officials, lobbyists, and others have been since charged in an investigation, and at least 76 have been convicted for a scandal involving the illegal sale of government licenses, contracts and leases by state employees.

That whole fricken state is a mess, has been for years and years and years. And I think it all stems back to the mob days.

[KySongDog]

   Part that amazes me is the pensions they have there and none of that is ever touched.

Pensions are the big elephant in the room.  The pensions are unfunded, meaning there is no money set aside to pay them.  Just I.O.U.'s for billions and billions of dollars.    Bottom line is that those pensions can not be paid, no money is available.   Watch what happens when the states start to back slide on those promises.   Its gonna be real ugly.