And, here is what the first press release from a State Senator, Dan McConchie, says:
McConchie votes against Pritzker income tax hike
Questions how soon rates will go up on middle income earners
Springfield, IL… On Wednesday, May 1, the Senate approved a constitutional amendment to implement a new graduated income tax structure.
State Senator Dan McConchie (R-Hawthorn Woods) voted no.
During debate, he stated the following:
“The Governor’s income tax hike requires a supermajority of both the legislature and voters to put the system in place, but only a simple majority to change those rates and rules going forward.
“The flat rejection by the Governor and this body of a proposal to require a supermajority to raise taxes in the future tells taxpayers all they need to know: these rates are only temporary.”
SJRCA 1 passed the Senate with a vote of 40-19 and now goes to the House.
Here is Don DeWitte’s take on the vote:
DeWitte votes no on graduated income tax
Springfield, IL… On Wednesday, May 1, the Senate approved a constitutional amendment (SJRCA 1) that would allow for Illinois’ to move to a graduated income tax system.
State Senator Don DeWitte (R-St. Charles) released the following statement after he voted no on the proposal:
“My concern over this proposal remains the same—there is no guarantee what the rates will be five years down the road or even a year down the road. In fact, the rates the supermajority has proposed have already changed from what was proposed just a few weeks ago. Without protections that the rates won’t eventually change and impact the middle class, this proposal is extremely concerning.
“This vote by the Senate Majority confirms only one thing: that instead of focusing on meaningful reforms or supporting the middle class by accepting the Republican Caucus’ proposal to require a supermajority to increase taxes in the future, their intent is to tax their way out of the fiscal abyss that has been years in the making and ask residents and job-creators to foot the bill.”
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The Senate Roll Call is below:
Let’s face facts.
Illinois residents are TAX SLAVES.
Property taxes the highest in the United States, even besting NJ for #1.
Now unlimited and unfettered access to our earned income is what the demacrats want.
The TAXOCRATS are out of their friggin minds and drunk with one party control of this state.
There are only 3 sources of government revenue – taxes, seigniorage, and debt.
Seigniorage is the difference between the face value of money, such as a $10 bill, and the cost to produce it.
Seigniorage may be counted as revenue for a government when the money it creates is worth more than it costs to produce.
In some situations, the production of currency can result in a loss instead of a gain for the government creating the currency
A country’s profit can be affected by other factors such as needing to make interest payments to the Federal Reserve
Property taxes are all local. Outside of Chicago, the majority of property tax entities are controlled by the GOP.
While you sort this out, me and my fellow Tax Hobo Pritzker, will keep riding the rails, stealing pies off of windowsills and filing our taxes in Texas.
School District boards are not controlled by the GOP.
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There are more sources of government “revenue”:
– fees
– sell or lease assets (buildings, parking meters, roads aka Chicago skyway, etc.)
– Proceeds (money received) from issuing bonds. The annual principal &/or interest payments to service the debt (pay off the bonds) is an expense.
– more.
Look at the Comprehensive Annual Financial Report (CAFR) of the government units.
The Truth in Accounting website has good information on government finances.
Here is a video published March 13, 2019 by Truth in Accounting on how to read a government CAFR.
youtube.com/watch?v=Fh4JZCB-AUS