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Snarkoleptic

(6,168 posts)
2. Ruiner could have stopped the bleeding, had he not allowed the temporary income tax hike to remain.
Thu Jun 1, 2017, 11:11 PM
Jun 2017

Today the credit rating was further screwn.
The state university system is taking on structural damage and may never fully recover.

It's time to amend the State Constitution to allow for a progressive income tax.
We also need a database where county taxing authorities can compare drivers license (address) records vs. properties where an owner-occupied tax exemption is claimed. (Rauner has abused this, personally)

Another revenue generating idea we need is a 'privilege tax' (detailed below), which could pull in $1.7 billion/year.
http://chicagoreporter.com/bill-targets-carried-interest-loophole-to-make-finance-titans-pay-fair-share/

In Illinois, identical bills sponsored by State Sen. Daniel Biss (D-Evanston) and State Rep. Emanuel “Chris” Welch (D-Hillside) would charge a “privilege tax” of 20 percent on partnerships engaged in investment management services until a federal law with an identical effect is enacted.

Based solely on public filings, Hedge Clippers estimates the bill would raise $473 million a year. The Illinois Department of Revenue estimates that the tax has the potential to raise $1.7 billion a year – but the department also argues that the tax would incentivize firms to find new ways to evade taxation or to “relocate taxable activity so it is beyond the reach of the state.”

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