SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Fun with money

Thursday, Apr 3, 2014

* Approximate projected net cost of the Democratic plan to mail $500 property tax “rebate” checks to every homeowner before the November election: $700 million.

* Approximate projected net revenues from House Speaker Michael Madigan’s 3 percent tax surcharge on income over a million dollars, which is all earmarked for education: $1 billion.

Couldn’t they just give schools another $700 million and forgo creating a top state income tax rate of 8 percent?

- Posted by Rich Miller        


32 Comments
  1. - fed up - Thursday, Apr 3, 14 @ 10:51 am:

    well I think most people understand the populist tax on Millionaires has nothing to do with revenue and everything to do with helping Quinn on election day. Hell, keep the tax and skip the silly rebate if the state is really so broke


  2. - A guy... - Thursday, Apr 3, 14 @ 10:52 am:

    In short; Yes.


  3. - Walker - Thursday, Apr 3, 14 @ 10:54 am:

    ===Hell, keep the tax and skip the silly rebate if the state is really so broke.===

    I’m with that.

    The state really is that broke, and this tax is not that out of line compared to many other states.

    But could it pass?


  4. - Raymond - Thursday, Apr 3, 14 @ 10:55 am:

    Pardon me if you’ve addressed this in a previous post, and slightly off topic, but whose signature would appear on the $500 check to each household?

    JBT’s? That’s quite the gift to the Republican comptroller, if so.

    Or could the GA direct, as part of the legislation, that PQ’s signature appear on each check? Wouldn’t that be something.


  5. - Roadiepig - Thursday, Apr 3, 14 @ 10:56 am:

    Wasn’t it written the other day that the $500 rebate would cause homeowners with higher tax evaluations to loose money (because they were getting a larger credit under the old system)? So wouldn’t that make it not quite a complete loss of $500, as far as state revenue goes?

    Not justifying the election year pandering by Quinn, but if the wealthier home owners have to pay more in taxes, doesn’t it helps pacify Quinn’s base supporters ,and ends up costing the state less in lost revenue in the long run? I am asking, because I’m not sure and I think there are wise folks here that can explain it better for us simple folk


  6. - Try-4-Truth - Thursday, Apr 3, 14 @ 10:56 am:

    Yes, if there is a corresponding decrease in everyone’s property taxes by the same amount.


  7. - Try-4-Truth - Thursday, Apr 3, 14 @ 10:56 am:

    Yes, if there is a corresponding decrease in everyone’s property taxes by the same amount.


  8. - just asking - Thursday, Apr 3, 14 @ 10:59 am:

    is the millionaire thing a 3% tax or a surtax of 3% on the regular amount. Also does it apply to a millionaires entire income or only the amount over 1 million?


  9. - JSlim - Thursday, Apr 3, 14 @ 10:59 am:

    Then, there would be no check for voters to get this summer


  10. - Rich Miller - Thursday, Apr 3, 14 @ 11:00 am:

    just asking, go to the General Assembly’s website and search for the proposal. It’s easy. The comment isn’t meant to be your own Google.


  11. - WhoKnew - Thursday, Apr 3, 14 @ 11:02 am:

    Yes, only 1.4 million Home Owners would miss out on a reason to Vote “Quinnocchio”!!


  12. - Oswego Willy - Thursday, Apr 3, 14 @ 11:07 am:

    ===Couldn’t they just give schools another $700 million and forgo creating a top state income tax rate of 8 percent?===

    Oh, they could, but why not use the power of incumbency and create a divisive issue to use to gin up voter turnout and/ or happy feelings for the Administrstion?

    The answer should be “yes”, but the politics and the wanted optics make that idea untenable.


  13. - Chi - Thursday, Apr 3, 14 @ 11:15 am:

    No- it’s a matter of who pays the taxes- those that can afford it and have benefited from Illinois’ regulatory and business environment, or those that have not.


  14. - Goonhammer - Thursday, Apr 3, 14 @ 11:19 am:

    So….does all these new taxes and “rebates” cancel out Harmon’s progressive tax proposal?


  15. - Johnny Q. Suburban - Thursday, Apr 3, 14 @ 11:24 am:

    I wonder if Rauner won’t ask PQ the same question. “You say the state needs revenue and yet…”


  16. - OneMan - Thursday, Apr 3, 14 @ 11:26 am:

    Wealth redistribution indeed….

    Even if JBT signed the checks I am sure they will contain a letter from the governor that contains the words to the effect of.

    This check is for you Illinois taxpayer, good and true.


  17. - Steve - Thursday, Apr 3, 14 @ 11:38 am:

    It would be too bad for Illinois voters if after they vote for a millionaires tax: Wisconsin cut their top rate way below Illinois’ and raises their sales tax to make up the revenue. Anyone thinking this idle speculation , isn’t watching what’s going on in Wisconsin.


  18. - a drop in - Thursday, Apr 3, 14 @ 11:39 am:

    Yes, it’s political. As political as running around saying we can cut taxes and spending and give more to education. At the same time.


  19. - MOON - Thursday, Apr 3, 14 @ 12:08 pm:

    RICH.
    I question your math. If they raise one billion dollars with the new tax and the cost of the rebate is 700 million dollars the State will net 300 million dollars.

    Without the new tax if there was a rebate, including the cost to do so, the State would be out 700 million dollars.

    Assuming your numbers are correct this plan does not seem to be a good idea.


  20. - Kerfuffle - Thursday, Apr 3, 14 @ 12:14 pm:

    But then there would be no smoke and mirrors!


  21. - A guy... - Thursday, Apr 3, 14 @ 12:25 pm:

    -====Rich Miller - Thursday, Apr 3, 14 @ 11:00 am:

    just asking, go to the General Assembly’s website and search for the proposal. It’s easy. The comment isn’t meant to be your own Google.====

    Please permit me to quote you….often.


  22. - Jack Handy - Thursday, Apr 3, 14 @ 12:31 pm:

    Plan of action … Start the tax, start the rebate, dwindle the tax to zero over X number of years, keep the tax, profit.


  23. - Formerly Known As... - Thursday, Apr 3, 14 @ 12:51 pm:

    You know what your problem is, Rich?

    You make too much sense. Way too much sense.


  24. - Formerly Known As... - Thursday, Apr 3, 14 @ 1:03 pm:

    === Approximate projected net revenues from House Speaker Michael Madigan’s 3 percent tax surcharge on income over a million dollars, which is all earmarked for education: $1 billion. ===

    Previously:

    === Madigan wants $1.5 billion corporate income tax cut ===

    That’s interesting.

    I thought the Speaker’s “millionaire tax surcharge” and his “corporate income tax cut” were supposed to sort of balance each other out.

    He takes $1 billion from the 1% but gives $1.5 billion back to the corporations they own.

    Add in the cost of those tax rebate checks, and now the math really becomes screwy. $2.2 billion going out and only $1 billion coming in.


  25. - Johnnie F. - Thursday, Apr 3, 14 @ 1:22 pm:

    Why not have a 1% surcharge for our 1/2 millionaires, a 2% surcharge on our 3/4 millionaires and the 3% surcharge on our millionaires?


  26. - Anon. - Thursday, Apr 3, 14 @ 3:16 pm:

    No way. Number of millionaires who will be upset with you for supporting the surcharge: thousands. Number of property owners who will be thrilled to receive a $500 check just before the election: millions.
    1 Sam. 18:7


  27. - Robert the Bruce - Thursday, Apr 3, 14 @ 3:41 pm:

    ==Couldn’t they just give schools another $700 million and forgo creating a top state income tax rate of 8 percent?==
    I don’t believe so - they’d be out $1 billion million (no new tax revenue with $700 million in spending vs. Quinn’s proposal ($1 billion in tax revenue less $700 million in property tax cut).

    But if you scrap the property tax cut, and don’t add any more education revenue, you only need to raise the highest bracket income tax to 6%, rather than 8%, to end up +$300 million.

    But that wouldn’t help as much on election day.

    If you really want to have fun with math, and still help both education and property taxes, ban TIFs.


  28. - Robert the Bruce - Thursday, Apr 3, 14 @ 3:41 pm:

    $1 billion, not $1 billion million.


  29. - Soccermom - Thursday, Apr 3, 14 @ 4:30 pm:

    Rich, you know that this is not a Math 101 question. It’s a Poli Sci 101 question.


  30. - Archimedes - Thursday, Apr 3, 14 @ 6:43 pm:

    Like soccermom said, political solutions for math/finance problems. Like the pensions, the temporary tax, the millionare tax, and on and on. The political solutions are intended to address the problems in a way to retain power - but never actually solving problems in the most logical, fair, ethical, and effective way.


  31. - Just The Way It Is One - Thursday, Apr 3, 14 @ 7:02 pm:

    That was meant to read above (toward the end), “…to see that THEY have to give back that spit in their Bucket of Wealth…!”


  32. - just asking - Thursday, Apr 3, 14 @ 10:10 pm:

    sorry, I won’t ask anymore


Sorry, comments for this post are now closed.


* Reader comments closed for the weekend
* No pension bump for Stermer, MJM still not persuaded on special session
* SUBSCRIBERS ONLY - More comptroller stuff
* 1:30 comptroller announcement expected - Stermer appointed, says he will resign January 12th
* SUBSCRIBERS ONLY - Comptroller stuff
* Golden Horseshoe Awards
* Bears open thread
* More adventures in misgovernance
* Question of the day - Golden Horseshoe Awards
* Petulance all around
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

          
        * How to use benchmarks to cut through marketing hype
        * Evernote brings Context for premium and business users
        * Spot the Lumia: special appearances in film and music
        * Android Community Weekly Digest: Dec. 21, 2014
        * The Perfect Gaming Phone
        * Google releases Android 5.0.2 for Nexus 7 (2012) tablet
        * Announcement timing is everything

        * Belarus blocks news and commerce websites over currency fears
        * Hector 6 Legged Robot Inspired By Stick Bugs
        * 12 Inch MacBook Air To Enter Production Early 2015
        * 15 Last-Minute Gifts That Will Help You Save Christmas
        * Star Citizen Arena Commander 1.0 Released (video)
        * LG G Pad 8.0 LTE Version Released in Korea
        * Soon Your Tech Will Talk to You Through Your Skin

        * The year in injuries: White Sox have been better, could've been worse
        * Williams: Make protesting voices heard through vote
        * Williams: Make protesting voices heard through vote
        * White Sox also had a December to remember 100 years ago
        * Terrerobytes: Future of Cuban baseball complicated on both sides
        * White Sox sign George Kottaras to a minor league deal
        * Kottaras to join White Sox with Minor League deal

        ...............


        Main Menu
        Home
        Illinois
        YouTube
        Pundit rankings
        Obama
        Subscriber Content
        Durbin
        Burris
        Blagojevich Trial
        Advertising
        Updated Posts
        Polls

        Archives
        December 2014
        November 2014
        October 2014
        September 2014
        August 2014
        July 2014
        June 2014
        May 2014
        April 2014
        March 2014
        February 2014
        January 2014
        December 2013
        November 2013
        October 2013
        September 2013
        August 2013
        July 2013
        June 2013
        May 2013
        April 2013
        March 2013
        February 2013
        January 2013
        December 2012
        November 2012
        October 2012
        September 2012
        August 2012
        July 2012
        June 2012
        May 2012
        April 2012
        March 2012
        February 2012
        January 2012
        December 2011
        November 2011
        October 2011
        September 2011
        August 2011
        July 2011
        June 2011
        May 2011
        April 2011
        March 2011
        February 2011
        January 2011
        December 2010
        November 2010
        October 2010
        September 2010
        August 2010
        July 2010
        June 2010
        May 2010
        April 2010
        March 2010
        February 2010
        January 2010
        December 2009
        November 2009
        October 2009
        September 2009
        August 2009
        July 2009
        June 2009
        May 2009
        April 2009
        March 2009
        February 2009
        January 2009
        December 2008
        November 2008
        October 2008
        September 2008
        August 2008
        July 2008
        June 2008
        May 2008
        April 2008
        March 2008
        February 2008
        January 2008
        December 2007
        November 2007
        October 2007
        September 2007
        August 2007
        July 2007
        June 2007
        May 2007
        April 2007
        March 2007
        February 2007
        January 2007
        December 2006
        November 2006
        October 2006
        September 2006
        August 2006
        July 2006
        June 2006
        May 2006
        April 2006
        March 2006
        February 2006
        January 2006
        December 2005
        April 2005
        March 2005
        February 2005
        January 2005
        December 2004
        November 2004
        October 2004

        Blog*Spot Archives
        November 2005
        October 2005
        September 2005
        August 2005
        July 2005
        June 2005
        May 2005

        Syndication

        RSS Feed 2.0
        Comments RSS 2.0
        WordPress

        Loading


        * Quinn Names Stermer As Comptroller..
        * Quinn set to go to Maryland to visit soldiers..
        * Letter: Rauner needs to tell us his plan..
        * Quinn to deliver Christmas cards to wounded sol.....


        * 4 people including 2 children killed at Rockford home
        * 4 found dead, including 2 children, in Rockford
        * Quinn set to go to Maryland to visit soldiers
        * Illinois to get $1.6M for Heart of Dallas Bowl
        * Report: Illinois treasurer OK'd raises for dozens
        * 1 dead, many injured in shooting at suburban party
        * Milestone in osprey program as birds migrate
        * Raising juror pay, reducing juries gets mixed reviews
        * Police looking for suspect in Effingham shooting
        * Firefighters battle grain bin fire for 9 hours

        * Raising juror pay gets mixed reviews
        * Gov. Quinn set to go to Maryland to visit soldiers
        * State treasurer employees get raises, stipends as Rutherford’s term comes to end
        * Springfield-based U.S. attorney’s investigations nab 13; race questions raised
        * 2nd Illinois prison with possible chickenpox
        * Quinn signs bill increasing juror pay
        * Quinn names longtime aide Jerry Stermer comptroller until Jan. 12
        * Quinn signs law to nix deadline for asbestos lawsuits
        * Quinn to name comptroller replacement this afternoon
        * Madigan says T-Mobile settlement shields consumers

        * 10 Things to Do
        * Can Garcia's run for mayor fire up independents?
        * Chicago's newest workout (and personal statement) options
        * A photo shop for photographers
        * The Life of Patrick Ryan: Act II, Scene 2


        * Lakeview pot dispensary on hold; Tunney opposes Halsted location
        * Despite community pleas, CPS puts Dyett HS out for proposals
        * Quinn to appoint new Illinois Comptroller today
        * Gov. Quinn appoints longtime aide as Illinois comptroller
        * Watch: President Obama's year-end press conference
        * Rewriting the Sony cyberattack script
        * time for new course in Cuba
        * Are Rahm's numbers creeping up? New internals show him near 50
        * Obama guidance, press schedule, Dec. 19, 2014. Press conference
        * A whole lot of nothing from the City Council


        * 1 dead, 9 wounded in separate West, South side shootings
        * 1 dead, 3 wounded in wrong-way Lake Shore Drive crash
        * 1 killed after shooting leads to police pursuit
        * Chicago-based Cards Against Humanity doles out pieces of Maine island
        * South Loop crash kills 2, hospitalizes 1
        * Man killed at house party shooting was headed to Army
        * Bronzeville man held on $300K in Loop convenience store robbery
        * Borman Expressway closed in both directions
        * Operation Santa delivers cheer to fallen or injured officers' families
        * Mayoral challengers call for suspension of red light camera program


        * Listen to State Week - December 19, 2014
        * Quinn Picks Budget Chief To Be Temporary Comptroller
        * 'Uber-gentrification' a force in Chicago's West Loop
        * Durbin leaving Congressional roommates behind
        * Worries rise in Russia as ruble falls
        * Improviser finds purpose in Chicago police mental health crisis trainings
        * Chicago 'petcoke' handler says it'll enclose piles
        * Waukegan woman seeks to trademark 'I can't breathe'
        * Obama re-establishing US relations with Cuba
        * Teaching hospitals hit hardest by medicare fines for patient safety


        * Quote of the day: Monday, Dec. 22, 2014
        * Raising juror pay gets mixed reviews
        * Gov. Quinn set to go to Maryland to visit soldiers
        * Quote of the day: Sunday, Dec. 21, 2014
        * Bernard Schoenburg: Rauner talks of dogs, housing and the work ahead as governor
        * State treasurer employees get raises, stipends as Rutherford’s term comes to end
        * Cathy Becker: Because it’s the right thing to do
        * T. Ray McJunkins: Justice, righteousness descend to fulfill dream
        * Springfield-based U.S. attorney’s investigations nab 13; race questions raised
        * 2nd Illinois prison with possible chickenpox


        * McAllister recieves FFA award
        * A little rain will dampen the Q-C
        * Pooch does wonders for people, especially patients
        * State’s financial future is unclear
        * Helping a worthy cause
        * Filling Santa's ears
        * Police Beat
        * Establishing a river port
        * Brenda Steinmetz
        * Mary Kirby


        * Stafford, Suh lead Lions over Bears 20-14
        * Report: Mississippi recruit QB Chad Kelly arrested
        * Report: Former Clemson QB Chad Kelly arrested
        * Kane leads Blackhawks past Maple Leafs 4-0
        * Women's Top 25 Capsules

        * Bost in DC, Enyart postpones return
        * Representative Jan Schakowsky Statement on...
        * Obama: 'I've got to take responsibility" f...
        * Representative Jan Schakowsky Statement on...
        * US Representative hosting conferences to d...
        * New Philadelphia site now closer to Nation...
        * Representatives Schakowsky, Gutierrez and ...
        * Mr. President, sign the Water for the Worl...
        * Area leaders show support for president's ...
        * Congressman Schock on 2015 Spending Bill -...

        * Durbin on North Korea Hack...
        * Returning Overseas Profits Must Be in Tax ......
        * Durbin OK With Budget...
        * Durbin on Korea Hack...

        * Sen. Wicker leads bipartisan group urging ......
        * Ex-General On Benghazi: 'We Should Have Tr......

        * Thomas More Society seeks Lerner emails affecting policy towards pro-life groups
        * Will school officials be like judges?
        * My condolences to the NYPD
        * Is It Good To Be Paul Vallas Now?
        * Rahm says SEIU 73’s Boardman can bargain away employee pensions. I don’t think so.
        * Elected retired delegates are on a watch list at the IEA RA.
        * Tollway Testing Apps To Let Drivers Pay Tolls, Get Travel Info
        * Rubio.
        * Sunday reads.
        * Mayor Emanuel continues getting cash from firms managing Chicago's pension money


        * Governor Quinn Appoints Jerry Stermer as Illinois Comptroller
        * Governor Quinn Calls Legislative Special Session - Governor Urges Legislature to Set Up 2016 Special Election for Comptroller
        * Governor Quinn Announces Illinois’ Unemployment Rate Hits New Low - Illinois’ Economic Comeback Continues; Unemployment Rate Falls to Lowest Level in More than Six Years
        * Illinois Ranks #1 in Volunteer Rate Among the Country’s 8 Largest States - 2.57 Million Illinoisans Give $7.2 Billion in Service
        * Law Enforcement, IDOT Make Final Push to Save Lives in 2014, Roadside Safety Checks Planned Over Holidays - New Episode of “The Driving Dead” Premieres Friday as Holiday Travelers are Reminded to Drive Sober and Buckle Up




            Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller