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.


* Dueling ads are no contest
* Paying the price for making bad hires
* Entrenched party portrays itself as the "reform" party
* Starting to gear up a bit
* 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

          
        * Toshiba outs thinner, smaller 20MP CMOS image sensor
        * NFC on the iPhone 6 to be a one-trick pony (for now)
        * DISCOVER THE NEW MVC WINNER AND THE THEME FOR SEPTEMBER
        * Possible new Motorola DROID seen in FCC, Verizon-bound
        * Apple Watch's privacy details under scrutiny by Connecticut attorney general
        * NVIDIA SHIELD Tablet gets a 32 GB LTE upgrade
        * When a door closes

        * Track Your Sleep and Activity on the Cheap With Misfit’s ‘Flash’
        * Those Great Fire Phone Headphones Are Just $10 Right Now
        * Blinkist Breaks Down Nonfiction Books into Easy 15 Minute Bites
        * Moto G (2014) Review: A Phone This Cheap Shouldn't Be This Good
        * MIT's Robot Cheetah Is No Longer Bound to the Treadmill
        * How to get faster answers to your searches in Google Chrome for Android
        * A Day in the Life of the Unbanked Consumer — And How Mobile Can Help

        * White Sox starters lead the way in cutting home run rate
        * White Sox get another look at Bassitt against KC
        * White Sox 'pen burned by KC's speed in ninth
        * South Side Sox Podcast: AL Central Showdown
        * Bullpen can't preserve Danks' fine start in KC
        * Royals 4, White Sox 3: Defense, bullpen astound again
        * White Sox likely to stay with six-man rotation


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

        Archives
        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


        * Food Stamp Sign-Ups Outnumber Jobs Created in O.....
        * IDOT Layoff Scandal..
        * Second City Quinn Parody Is Funny Because It Co.....
        * Quinn: Monitor not needed to oversee state hiring..
        * AFSCME Puts Aside Differences, Endorses Quinn..
        * Will the Real Bruce Rauner Please Stand Up?..


        * USDA: Rain, cold hampering Illinois corn harvest
        * Trial set for man accused in infant son's death
        * Video of lawmaker tirade resurfaces in House race
        * Fire officials: 1 injured in Elgin house explosion
        * Hearing set for man accused in deadly bank holdup
        * Quinn: Monitor not needed to oversee state hiring
        * Man convicted in girl's death during 2011 burglary
        * Students sickened, carbon monoxide leak suspected
        * Governor candidates focus on business, hiring
        * 2nd year of Illinois osprey project wraps up

        * Video of state lawmaker's tirade resurfaces in U.S. House race
        * Rauner’s call for firings of ‘illegal patronage hires’ would affect many in Springfield
        * Quinn, Rauner clash on business, hiring
        * Coaltion forms to push school funding reform
        * Rauner’s education plan raises eyebrows
        * Governor’s race a tale of business climates
        * Medical marijuana law sponsor defends secret bids
        * Fired IDOT workers sue, say they are ‘political cover’ for Quinn
        * Illinois still employs 173 'improper' state hires
        * Fired IDOT workers sue, say they are 'political cover' for Quinn

        * Tribune Publishing invests in a content-marketing shop
        * Lampert agrees to lend Sears $400 million
        * United offers up to $100,000 if workers leave
        * U of C, UIC among finalists for Obama library
        * Sen. Durbin denies 'bullying' business


        * Odds favor Chicago sites — U. of C. or UIC — for Obama library
        * University of Chicago, UIC among Obama library finalists
        * Gov’t should  renegotiate  FBI building lease
        * Gold Coast boutique hit by burglars
        * Jury finds man guilty of killing girl in Indian Head Park
        * Man shot by cops charged with attempted murder
        * Marshall High School principal has been 'reassigned,' CPS says
        * Byrd-Bennett: CPS cleaning contractors will be held accountable
        * Fioretti blasts Emanuel for increasing city retirees’ health-care premiums
        * Rauner: Quinn pretending to be a ‘folksy, bumbling fool’


        * Brian Urlacher steps down as Fox Sports 1 analyst
        * Millennials still checking out public libraries
        * Alderman calls for more patrols after Uptown fatal shooting
        * Park District assessing damage from muddy Riot Fest
        * Hinsdale high school district investigating teachers who 'liked' Facebook post
        * Man seriously hurt after hit by car on Near North Side
        * Boy, 12, says he brought unloaded gun to school because he was bullied
        * Man seriously injured during Elgin house explosion
        * CPD foundation to launch bulletproof vest initiative
        * Slain Merrillville Officer Nick Schultz honored


        * WUIS/SJ-R Business Report: Residents Balk At Meat Processing; Uncertain Future Of Legacy Pointe
        * Who Owns The Rights To Vivian Maier's Photos?
        * Technology Is Changing Decatur Classrooms
        * Legislature Approved A $100 Million Tax On Business & Didn't Know It
        * Schools CEO: privatizing janitorial services not 'as smooth as we would like'
        * What's The Best Way To Help Kids In Struggling Schools?
        * Quinn Defends Public Education, Though He's A Product of Private Schools
        * Local Response To Ferguson
        * AFSCME Puts Aside Differences, Endorses Quinn
        * The Future Of Downtown Springfield Inc. In Jeopardy


        * Video of state lawmaker's tirade resurfaces in U.S. House race
        * Rauner’s call for firings of ‘illegal patronage hires’ would affect many in Springfield
        * Another view: New law might boost clothing recycling
        * John Freml: Bishop Paprocki does not speak for all Catholics
        * Quinn, Rauner clash on business, hiring
        * Becker Family: Our community is better united
        * Coaltion forms to push school funding reform
        * Rauner’s education plan raises eyebrows
        * Our Opinion: It’s time to get serious about sewers in Springfield
        * Bernard Schoenburg: Be careful when they talk of property taxes


        * A drier pattern for much of the Corn Belt
        * Spread of virus forces hospitals to wave off visitors
        * District 118 school board to consider budget, oppose hospital relocation
        * Retailer eyeing five-acre plot behind Menards in Marion
        * Old cars and teen angst
        * Garnati disciplined for 'improper and racially based' remarks
        * New tourism director on the job in Logan County
        * Federal Judge David Bernthal 9/16/2014
        * Dee Shonkwiler 9/16/2014
        * New Athens man killed when car crashes in bean field


        * Abbott named a Top 10 company for working mothers
        * No frills, some thrills at Seasons of Japan in Vernon Hills
        * Netflix, built on 'House of Cards,' tested by European shows
        * Palatine's Golf Nation to close Oct. 1
        * U.S. can't get sugar for Dum Dums with import limit

        * Rep. Lipinski Announces New Federal Fundin...
        * News briefs: Lipinski accepting service ac...
        * US Rep. Lipinski accepting service academy...
        * Rep. Lipinski Accepting Service Academy Ap...
        * Dem Explains Why He Voted 'Present' on DAC...
        * Immigration dominates Lipinski's town hall...
        * Rep. Lipinski Announces New Federal Fundin...
        * News briefs: Lipinski accepting service ac...
        * US Rep. Lipinski accepting service academy...
        * Rep. Lipinski Accepting Service Academy Ap...

        * Corporate Deserters Seek to Continue Doing......
        * Corporate Deserters Seek to Continue Doing......
        * Corporate Deserters Seek to Continue Doing......
        * Corporate Deserters Seek to Continue Doing......
        * Corporate Deserters Seek to Continue Doing......

        * ISIS fight: Congress to vote on arming Syr......

        * Video gambling partnership considers expanding into medical marijuana
        * Watchdog group finds 9 exorbitant expenses charged to College of DuPage
        * 1992 video depicts NFL players opposing abortion [video]
        * Hughes: Illinois’ Inconvenient Truth
        * Rahm Emanuel calls for Saturday to be Democrats Day of Action
        * Higgins: First Amendment, “LGBT Dogma,” and Employment in America
        * Rahm announces his Give-Every-Classroom-A-Pet program.
        * S.O.R.E. field trip. Town Hall with Senators Biss and Manar on school funding, Special Needs.
        * Rauner camp releases new video: "Quinn I Do The Right Thing All The Time"
        * Rauner turns down Springfield debate invitation


        * BREAKING: Quinn in court filing says no to hiring monitor, stands by cronies
        * Governor Quinn, clean house
        * Rauner renews call for Quinn to fire illegal patronage hires
        * Public Betrayal: The Quinn Patronage Scandal Unfolds
        * Sun-Times Report: In Illegal Hiring Scandal, Pat Quinn Protects “Kingmaker” Kin




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