Mish Shedlock Blog | Escape Illinois: Get The Hell Out Now, We Are | Talkmarkets - Page 2
Investment Advisor Representative - Sitka Pacific Capital Management

Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market ... more

Escape Illinois: Get The Hell Out Now, We Are

Date: Sunday, October 6, 2019 11:14 PM EDT

The Census Bureau does not ask about income taxes, property taxes, or even taxes in general.

Nor does it ask about business climate or any of the key reasons businesses leave. And if businesses leave, the workers follow or are forced to get another job.

Tax Load

The Illinois Policy Institute reports [Despite taxing both sales and income, Illinois has higher property taxes than every single state that does not charge an income tax](Despite taxing both sales and income, Illinois has higher property taxes than every single state that does not charge an income tax.).

Property Tax on Median Home Illinois vs Indiana

Illinois vs Indiana Migration

Nineteen New Taxes

The above article was from 2017.

On May 24, 2019, the Illinois Policy Institute commented Governor Pritzker's 19 Different Tax and Fee Hikes Total $6.9 Billion.

That is on top of new "home rule" taxes in Chicago and Cook County.

On July 1, the state doubled the Illinois’ motor fuel tax to 38 cents from 19 cents per gallon giving Illinois the second highest gas tax in the nation.

Home Rule Expands

Chicago’s “Netflix tax” expands statewide, with the state charging a 7% tax on users of streaming services, as well as cable and satellite customers. None of these services were taxed at the state level.

Other tax hikes include alcohol, property transfer taxes, parking taxes, and ride-sharing (Uber tax).

The new vehicle registration tax jumps to $199, the third highest in the nation, and electric vehicle registration goes to $250 every year to pay for the gas taxes that electric vehicle owners should be paying but aren't.

Tax Sinkhole

Where is the money going?

Governor Pritzker says it to fund infrastructure.

That't a huge lie. Nearly all of it will go to teachers unions and police unions as Illinois pensions are among the worst funded in the nation.

Huge Income Tax Hikes in the Works

The Illinois legislature recently approved a constitutional amendment to allow "progressive" income taxes.

View single page >> |
Disclaimer: This and other personal blog posts are not reviewed, monitored or endorsed by TalkMarkets. The content is solely the view of the author and TalkMarkets is not responsible for the content of this post in any way. Our curated content which is handpicked by our editorial team may be viewed here.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.