image
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.


* *** UPDATED x2 - 9 Indy CEOs demand changes - Wilco bites Indiana *** Indiana bites back
* Tracy takes herself out of Schock replacement bid
* This is how it starts
* *** UPDATED x1 - Rauner responds *** Fritchey, Emanuel double-team Rauner on "right to work" zones
* Meanwhile, in Missouri
* Question of the day
* Rauner "troubled" by new Indiana law
* Dold doubles down on Schock money
* More budget details begin to emerge
* *** UPDATED x1 - Announcement video released *** A somewhat odd Duckworth rollout
* "If I ever leave here I hope never to return"
* Schock's breathtaking downfall
* Dogmatic nonsense
* Schilling endorses LaHood
* 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

          
        * Gmail for Android update gets way smarter about working with multiple accounts
        * ZTE intros new phones, calls them Nubia Z9 Mini and Z9 Max
        * Plex for Android gets updated big time, version 4.0.1 now out
        * Microsoft’s Project Spartan browser is finally ready for you to try
        * ASUS ZenFone 2 gets ready to bring its 4GB of RAM to Europe
        * Nuzzel: read links that your friends share on FB, Twitter
        * Find your next new job in Jobr, now on Android

        * Add Modular Counter Space to Your Kitchen with a Simple Folding Bracket
        * Backlash Grows Against Indiana ‘Religious Freedom’ Act
        * Always Consider the Time Costs of "Free" Items First
        * Eight Steam Features You Probably Don't Know About
        * Revitalize Saggy Couch Cushions with Poly-Fil and Quilt Batting
        * Gawker LBJ Was Obsessed With His Dick | Gizmodo A Simple Design Tweak May Keep Drunk People From Fal
        * A Juror Speaks About His Vote for Kleiner Perkins but Still Wants the Firm to ‘Be Punished’

        * 'Athletic' Sale makes progress during simulated game
        * 'Athletic' Sale makes progress during simulated game
        * Final roster alignment a question of flexibility
        * Noesi recovers from quick stumble; Sox fall
        * Petricka headed to disabled list
        * Rodon's immediate future to be in Minors
        * Podcast: Countdown to Opening Day

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


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

        Archives
        March 2015
        February 2015
        January 2015
        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


        * Question of the day..
        * Gov. Rauner meets with SW Illinois government a.....
        * Rauner discusses budget in Metro East..
        * Governor met with business leaders in O’Fallon..
        * Cook County, Chicago officials oppose 'right to.....
        * Illinois governor to push for federal spy agenc.....
        * Dogmatic nonsense..
        * Governor to meet with business leaders in O’Fallon..
        * Lockport First Ward candidates desire more deve.....
        * Rauner to push for federal spy agency relocation..


        * Lincoln funeral car set to appear in Springfield
        * Coroner IDs 6 people killed in fiery Interstate 26 crash
        * BNSF railroad adds new safety rules for crude oil trains
        * Aunt of men accused in terror plot: They're 'not monsters'
        * Cook County, Chicago officials oppose 'right to work' zones
        * Officials: Slow justice at fault in Chicago man's long con
        * Garcia focuses on wealth gap in speech before civic group
        * 2 decades after crash, Willis family gets new TV show
        * Duckworth makes video announcement for 2016 Senate bid
        * Religious act has Chicago mayor wooing Indiana businesses

        * Duckworth to challenge Kirk for U.S. Senate seat
        * LIHEAP utility assistance fund for Sangamon County is empty
        * Rauner to push for federal spy agency relocation
        * Cook County, Chicago officials oppose 'right to work' zones
        * LaHood talks transportation issues as he kicks off Congressional campaign
        * Bill pushes for possible municipal bankruptcies in Illinois
        * Stripped of funding, auto theft task forces shutting down
        * Rauner looks to Kentucky right-to-work zones as labor model
        * Rauner's business prescriptions are popular, but no cure-all
        * Stripped of funding, Illinois auto theft task forces are shutting down

        * BNSF railroad adds new safety rules for crude oil trains
        * Cook County, Chicago officials oppose 'right to work' zones
        *
        * Duckworth could become Senate's second female combat veteran
        * New black-car service coming to Chicago


          * BNSF railroad adds new safety rules for crude oil trains
          * Man who wanted prison released from jail
          * 1 dead, 2 wounded in separate shootings on South, West Sides
          * Missing North Side woman, 86, found
          * Aurora mayor calls for alderman's resignation after theft conviction
          * Garcia says Emanuel policies drive middle class to suburbs
          * Deputies save 2 lives in 26 hours in Lake Bluff, Antioch
          * Charges against cousins in terror plot tearing up family, aunt says
          * Derrick Rose takes contact in Bulls practice
          * McDonald's confirms it is testing all-day breakfast


          * More than 21K early votes cast in Chicago runoff election
          * Duckworth makes video announcement for 2016 Senate bid
          * Legal expert says Illinois 'got it right' when it comes to religious freedom law
          * Legal expert says Illinois 'got it right' regarding its religious freedom law
          * Heinz buying Northfield-based Kraft and building a $28 billion food giant
          * Obamacare tax rules trip some immigrants
          * Jesse Jackson Jr. leaves federal prison for halfway house
          * With GOP votes, Indiana House approves religious objection bill
          * After spending scandals, Rep. Aaron Schock says goodbye
          * Legislature to consider Madigan plan to fill state budget gap


          * Duckworth to challenge Kirk for U.S. Senate seat
          * LIHEAP utility assistance fund for Sangamon County is empty
          * Rauner to push for federal spy agency relocation
          * Cook County, Chicago officials oppose 'right to work' zones
          * LaHood talks transportation issues as he kicks off Congressional campaign
          * Our Opinion: Rianne Hawkins for Springfield city clerk; Misty Buscher for city treasurer
          * Bill pushes for possible municipal bankruptcies in Illinois
          * Stripped of funding, auto theft task forces shutting down
          * Rauner looks to Kentucky right-to-work zones as labor model
          * Rauner's business prescriptions are popular, but no cure-all


          * Upcoming Services
          * Sports Page 03-30-15
          * NSA: 1 dead after car rams police vehicle at Fort Meade
          * Brooklyn Police chief quits as towing scheme unfolds, following raid
          * Police: Sunday's Arbor District fire determined as arson
          * Bloomington man identified as crash victim
          * Turkey causes accident near Pinckneyville
          * Shiloh mother arrested for battering her son
          * Former correctional officer charged with not registering vehicle with sheriff
          * Indiana lawmakers try to quiet firestorm surrounding new law


          * Duckworth's Senate bid could mean crowded 8th District race
          * UnitedHealth buys Catamaran for $12 billion
          * Dist. 204 choosing tests to measure student growth for teacher reviews
          * Sidewalk, curb, lighting work begins around Barrington Village Center
          * Boil order for Sugar Grove street

          * Tammy Duckworth running against Mark Kirk ...
          * Bustos offers support for Duckworth; says ...
          * Davis on Iran talks
          * Dold doubles down on Schock money
          * St. Louis-area members of Congress votes f...
          * Tammy Duckworth running against Mark Kirk ...
          * U.S. Rep. Cheri Bustos says she won't run ...
          * Duckworth Announces 2016 Senate Run
          * Tammy Duckworth to Run for Senate Bid in 2016
          * Aunt of men accused in terror plot: They'r...

          * Dick Durbin vs. Patty Murray?...
          * Gun Rights Victory In the Senate...
          * SUV driver crashes NSA gate; prosecution r......
          * Senator Durbin Announces $250,000 Investme......
          * Rubio & Jordan Introduce Bill To Repeal D.......

          * With or without Iran deal, Obama faces fig......
          * Duckworth could become Senate's second fem......
          * Tammy Duckworth running against Mark Kirk ......
          * Racing Against the Clock: 'Progress' and '......

          * Chipotle Is Hiring, Opening Date Still Unannounced
          * Chipotle Is Hiring, Opening Date Still Unannounced (Updated)
          * Elderly Woman Reported Missing Near Uptown
          * Elderly Woman Reported Missing Near Uptown (Update: Located!)
          * Come to Driftwood For A Fundraiser and Fun on Friday
          * Morning Minute: The green home features home buyers want today
          * Messages that Move You
          * Calling All Artists & Musicians!
          * Will Mayor Bowser recommit to Sustainable DC & MoveDC?
          * Oswego RTW: Rauner’s right to poverty zone


          * Illinois Mayors to Celebrate National Service - April 7, 2015 Designated as “Mayors Day of Recognition”
          * Governor Rauner Takes Bill Action
          * Governor Announces Appointments B.R. Lane to lead Illinois Lottery; John Holden to continue leading Dept. of Aging
          * USDA Awards Grant to Illinois' JTED-SNAP Employment & Training Grant - Program helps participants find jobs and promotes business growth
          * Nominating Petitions Available For Illinois Commodity Board Seats




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