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* Ideas Illinois…
Budget Preview - Pritzker’s False Choice
It should be lost on no one that on the eve of Governor Pritzker’s tax and spend budget address, yet another publication is listing Illinois as the least tax friendly state in America.
Despite census numbers showing our population plummeting and list after list citing the state is the least tax friendly in the nation, Governor Pritzker tomorrow will tell voters that Illinois must spend and tax even more to solve our financial woes, but that is a false choice.
If one thing is clear, the governor is not talking with regular, middle class families and small business owners who continue to struggle under the weight of a state government that cannot curb its hunger for more spending and higher taxes.
* From the supplied link…
One surprise? California, widely considered a high-tax state, didn’t crack the top 10 least-friendly tax states in either analysis. (Of course, it’s important to point out that this Kiplinger’s ranking would look different if the hypothetical family and its income and dividends were different.)
Rocky Mengle, the tax editor for Kiplinger’s, told MarketWatch that’s because many people “when they talk about California tax, they focus on the 13.3% [income tax] rate, which is the top rate — but that is for people making more than $1 million.” For many others, the rate is much lower, he said, adding that “California has a fairly progressive income tax, with nine brackets.”
posted by Rich Miller
Tuesday, Feb 18, 20 @ 11:58 am
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Previous Post: *** UPDATED x7 - Durbin dodges - ILGOP delegation opposes - Former prosecutors weigh in - Pritzker responds - Trump confirms Blagojevich commutation *** Question of the day
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To determine income tax, we prepared returns for a married couple with two dependent children, an earned income of $150,000, and qualified dividends of $10,000. They paid $10,000 in mortgage interest. Since some states have local income taxes, we domiciled our filers in each state’s capital, from Juneau to Cheyenne. We calculated these 2018 returns using software from Credit Karma.
How much the sample filers paid (and deducted on their income tax return) in property taxes was calculated assuming a residence with $400,000 assessed value and each state’s average tax rate.
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I would really love to know how I could get $10,000/yr in dividend income.
Comment by lincoln's beard Tuesday, Feb 18, 20 @ 12:08 pm
Someone alert Cap Fax commenters “no tax Kansas” is the 10th least tax friendly state in America according to the carnival barkers at Kiplingers
Comment by Lucky Pierre Tuesday, Feb 18, 20 @ 12:33 pm
I wonder where Illinois would fall if thee “fair tax” were put into place.
Comment by Pot calling kettle Tuesday, Feb 18, 20 @ 12:35 pm
==California, widely considered a high-tax state, didn’t crack the top 10 least-friendly tax states in either analysis.==
Married tax brackets and Prop 13 will do that.
Comment by City Zen Tuesday, Feb 18, 20 @ 12:36 pm
==- Lucky Pierre - Tuesday, Feb 18, 20 @ 12:33 pm:==
You must have missed the economic collapse of Kansas driven by it’s far right-wing tax and spending policy.
https://www.cbpp.org/research/state-budget-and-tax/kansas-provides-compelling-evidence-of-failure-of-supply-side-tax-cuts
Comment by Precinct Captain Tuesday, Feb 18, 20 @ 2:26 pm
== I would really love to know how I could get $10,000/yr in dividend income. ==
Have about $250k - $350k invested by a good advisor.
Comment by RNUG Tuesday, Feb 18, 20 @ 2:55 pm
== … was calculated assuming a residence with $400,000 assessed value … ==
Obviously a high earner example if living in Illinois. That house value is double or more the average home in this State capitol.
Comment by RNUG Tuesday, Feb 18, 20 @ 2:58 pm
I thought I had a good job and good income. Good grief I wish I had a quarter mil.
Do they really believe the average American has anything like this? Most people struggle to pay their rent or mortgage every month on a house often less than a quarter of the value of the example.
Clueless, out of touch, and a strong case for a fair tax.
Comment by State of DenIL Wednesday, Feb 19, 20 @ 9:34 am