Boy, do I wish I had been at the McHenry County Council of Governments last night.
Right there in the background material was a summary of Governor Pat Quinn’s income tax hike proposal.
I can’t tell you which version (it looks like the most recent), but here are the details that were presented:
- Change from 3% to 4.5% individual income tax rate revenue: +$4.5 billion
- Personal exemption increase from $2,000 to $3,000 cost: ($400 million)
- Property tax credit increase from 5% to 105 (with $500 cap) cost: ($300 million)
- Earned Income Tax Credit increase from 5% to 10% cost: ($100 million)
- Net new individual income tax revenue = $3.7 billion
- Change from 4.8% to 7.2% corporate income tax rate revenue: +$350 million
- 10% local government share before tax increase: $1 billion
- 10% local government share after tax increase: $1.4 billion
- New local government revenue: $400 million
I guess the last line of the explanation was for the gathering of elected and appointed tax eaters who can’t subtract.
I have noted previously that those who favor the Democrats’ 50% income tax hike never say it’s a 50% tax hike.
Look at that first line above.
Do you see anything about this being a 50% increase?
And no where is the what business will see taken out of their income presented. (Hint. It’s more than 7.2%.)
Wouldn’t you think if the officials can’t be expected to subtract $1.4 billion from $1 billion and get $400,000 million that they might also need help figuring out the percentage increase proposed in the income tax rate?
Considering McHenry County property taxpayers would be discriminated against by the property tax credit increase to 10% of one’s tax bill, why would anyone in the room vote for this proposal.
Tax bills that are over $5,000 are not all that unusual in McHenry County. At least if my neighborhood is any indication. (Yes, I know the houses in Lakewood are valued higher than average, but the average tax bill here is way over $5,000.)
But they are quite, quite unusual in Cook County.
So, Cook County homeowners would get a 10% credit, but lots of us in the collar counties wouldn’t.
I wonder if our locally elected officials picked up on that.
I guess I should be thankful that enough mayors, managers, county board members, etc., figured out that McHenry County will be a big loser in this income tax scheme to learn to the conclusion:
As the folks on the Grafton Township Board learned, a tie doesn’t mean victory.
But Quinn has received approval from taxeaters in the Will County Municipal League, Metrowest COG, South Suburban Mayors and Managers, the Metropolitan Mayors Caucus and (a) “number of COGs (MCCG included).”
“The MCCG Executive Committee members discussed the request this morning and decided that all voting members be polled on the proposal.”
The outgoing president of the organization is Woodstock Mayor Brian Sager. Replacing him is Rick Mack, Village President of Ringwood.
And the presumably Republican-dominated group of local officials has put Barrington Hills Village President Robert Abboud in line to be president when he might be running for election again against Republican 16th District Congressman Don Manzullo.