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Why is it that when you’re in a hurry to get something done, nothing seems to go right? Browsers crash, files won’t open, etc.
Oy.
Discuss amongst yourselves for a while.
* Also, Wonkish.com has a nifty Quinn tax hike calculator…
posted by Rich Miller
Thursday, Mar 19, 09 @ 9:44 am
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Previous Post: Morning Shorts
Next Post: Are the proposed tax exemptions necessary?
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Much like serving grits with breakfast in the South, it’s the law!
Comment by Justice Thursday, Mar 19, 09 @ 9:46 am
That problem seems to extend itself beyond the office. It never fails, if I’m changing the oil/car repairs that the wrench I need isn’t in the tool box.
Or if I need to mow the lawn the fuel can is ALWAYs empty.
The list is endless.
Comment by How Ironic Thursday, Mar 19, 09 @ 9:47 am
The tax calculator estimates that my family (wife, 3 kids) will pay an extra $255.
Doesn’t sound like a FIFTY PERCENT INCREASE!!!!!!! that every babbling git is crying about. Talk about overreacting.
Comment by How Ironic Thursday, Mar 19, 09 @ 9:50 am
My increase is about 1,200, which is close to a 50% increase.
Comment by Ghost Thursday, Mar 19, 09 @ 9:53 am
Rich, Ibeleive that is technically an incarnation of murphys law.
Comment by Ghost Thursday, Mar 19, 09 @ 9:55 am
We looks like after the calculation I better start putting away $2.05 every day to cover my share.
Comment by Dan S, a Voter, Taxpayer and Cubs Fan Thursday, Mar 19, 09 @ 9:55 am
Remember - the Income Tax Calculator on Wonkish asks for your Adjusted Gross Income (which is what Illinois taxes are based off of).
That means you need to take your income that you know you get paid, then subtract all your federal deductions (exemptions, standard deduction, etc.).
So, put in a little less than what you think your income is.
Comment by George Thursday, Mar 19, 09 @ 10:02 am
@ Ghost,
Well, if your after Federal Deductions put your income at $95,000 you are right.
Is the extra $50/check going to sink you?
So your pretax income (total guess) is probably around $125,000.
Comment by How Ironic Thursday, Mar 19, 09 @ 10:04 am
How Ironic - I am in the same position as Ghost. I am also looking at almost another $1800 in pension costs per year, plus $1000+? more in healthcare costs, plus an approx. 1.5% pay cut (due to furloughs). I think that is a little much.
Comment by tanstaafl Thursday, Mar 19, 09 @ 10:21 am
The democrats giveth and the democrats taketh away. Basically every penny of the tax break that Obama just gave me back in the form of lower withholding to “stimulate the economy” will now be going to the state tax coffers.
Comment by Jaded Thursday, Mar 19, 09 @ 10:23 am
The Governor wants an additional $200 a month from the VanillaFamily, plus wants it to pay more in pensions and health care costs, which have increased naturally over the past five years at double the inflation rate.
Quinn’s proposal is a hit for this middle-class family that will definately effect it’s bottom line. The Governor’s tax increase alone is higher than my car payment per month. So, Governor Quinn’s tax is similar to the VanillaFamily as buying a new car - but not getting a new car - beyond the four years it would take to pay that car off.
And for what? A better government? - No!
What you pro-taxers seem to forget is that you are paying more for a broken government. Quinn and the Illinois Democrats have been in charge for over seven years, and there has not been an improvement in Illinois government. Instead, we have gotten worse government!
Will Quinn’s tax sink the VanillaFamily? It will sink us as if we continue doing something incredibly stupid, like live in Illinois!
Comment by VanillaMan Thursday, Mar 19, 09 @ 10:26 am
Jaded got it nearly right.
The impact on all of this will mean my family pays more in taxes.
However, the idea should be that by doings so, others are able to buy products and as such demand for other things will go up and my family will end up selling more of the product and making more money.
I sure hope that is the case, but right now, a tax cut sure would be nice.
Comment by Skeeter Thursday, Mar 19, 09 @ 10:29 am
How Ironic, to be clear, I have no problem with the 50% tax increase, I think our revenue policy in IL has been off kilter for some time and we need to stop looking for slick tricks to fix it. We the voters helped place IL in this position. The bill has come due. I was just indicating it was a true 50% increase. Long term I prefer a realistic income tax over expanding gambling, sin taxes etc as revenue generators.
Comment by Ghost Thursday, Mar 19, 09 @ 10:36 am
Don’t take my money! but please fix the roads I use, provide me police protection, emergency services in the case of natural or medical disaster, oversee he operations of various business and medical providers to make sure I am safe, make sure my food, clothing and toys are safe…. and give it to me free.
Comment by Ghost Thursday, Mar 19, 09 @ 10:42 am
–The Governor wants an additional $200 a month from the VanillaFamily, plus wants it to pay more in pensions and health care costs, which have increased naturally over the past five years at double the inflation rate.–
VMan, are you a government worker?
Comment by wordslinger Thursday, Mar 19, 09 @ 11:10 am
Point of clarification for instructions on using the tax hike calculator:
“Adjusted gross income” is NOT income after all federal deductions. Instead, it’s the amount from line 37 of the US 1040, line 21 of the US 1040A, or line 4 of the US 1040EZ, which is the starting point for calculation of Illinois taxable income.
Most significantly, AGI includes the amount of the federal standard or itemized deductions, which federal taxpers can subtract from their AGI to determine federal taxable income. In addition, AGI also includes the $3,500 per exemption which federal taxpayers can subtract from their AGI to determine federal taxable income.
Comment by Charlie Wheeler Thursday, Mar 19, 09 @ 3:00 pm