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Topic Title: What progs do to a state. Topic Summary: Created On: 12/13/2017 11:07 AM |
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 12/13/2017 11:07 AM
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If Republicans succeed in limiting the state-and-local tax deduction, one hope is that this could finally inspire a come-to-Jesus moment in prodigal high-tax states. Democrats in Illinois ought to be especially chastened by new IRS data showing an acceleration of out-migration. The Prairie State lost a record $4.75 billion in adjusted gross income to other states in the 2015 tax year, according to recently IRS data released. That’s up from $3.4 billion in the prior year. Many of the migrants were retirees who often flock to balmier climes. But millennials accounted for more than a third of the net outflow in tax returns. Created with Highcharts 5.0.14200720082009201020112012201320142015201620176.406.456.506.556.606.656.706.75
Created with Highcharts 5.0.14Badger State ReboundWisconsin labor force, Jan. 2007-Oct. 2017THE WALL STREET JOURNALSource: Bureau of Labor Statistics
Created with Highcharts 5.0.14200720082009201020112012201320142015201620173.063.083.103.123.143.163.18
While Florida with zero income tax was the top destination for Illinois expatriates, the Illinois Policy Institute notes that Illinois lost income and people on net to all of its neighbors—Wisconsin (6,000 people based on claimed exemptions), Indiana (8,200), Iowa (1,900), Missouri (2,000) and Kentucky (1,100). What’s the matter with Illinois? Too much for us to distill in one editorial, but suffice to say that exorbitant property and business taxes have retarded economic growth. Illinois’s corporate tax rate is 9.5%, and pass-through business owners pay 6.45%. Though Illinois’s flat 4.95% income tax rate is relatively low compared to its neighbors, Democrats have found other ways to clobber their citizens. Property taxes in Cook County and Chicago’s “collar” counties are the highest in the country outside of California and the Northeast. The average homeowner who moves from Lake County, Illinois, across the border to Kenosha County, Wisconsin would receive an annual $3,200 annual property tax cut. Taxes may increase as Democrats scrounge for cash to pay for pensions. Fitch Ratings reported this week that Illinois’s unfunded pension liabilities equalled 22.8% of residents’ personal income last year, compared to a median of 3.1% across all states and 1% in Florida. This helps explain why Illinois’s economy has been stagnant, growing a meager 0.9% on an inflation-adjusted annual basis since 2012—the slowest in the Great Lakes and half as fast as the U.S. overall. This year nearly 100,000 individuals have left the Illinois labor force. The University of Illinois Flash Economic Index, which measures corporate earnings and investment as well as personal income, hit a five-year low in October. (See nearby for the recent labor force trend in Illinois and Wisconsin.) Illinois taxpayers have seen the warnings on the wall, which became even more stark after the Democratic legislature this summer overrode GOP Gov. Bruce Rauner’s tax hike veto. Democrats in Springfield and Chicago think they can defeat Mr. Rauner next year and raise taxes again, but they may succeed mainly in driving more people out of state. ------------------------- I :heart; Q |
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12/13/2017 11:39 AM
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Tspank's "economic analysis" mentions Jesus in the first line.
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12/14/2017 06:41 AM
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So how do you spin the probusiness climate of Kansas that bankrupted that state?
------------------------- "One of the reasons why propaganda tries to get you to hate government is because it's the one existing institution in which people can participate to some extent and constrain tyrannical unaccountable power." Noam Chomsky. |
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12/14/2017 06:49 AM
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Tspank's "economic analysis" mentions Jesus in the first line. Nothing like the separation of church and state. Those repugs sure like pulling their pocket constitutions everytime they want to make a point. It would help if they actually read it. |
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12/14/2017 06:58 AM
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Republicans are cutting out all of the money saving measures in the bill and the cost has risen to $1.4 trillion. They will pass thing before the CBO can come up with an estimate.
Here is my prediction. The bill will pass along party lines. The average American will see no difference in their life. They didn't close any loopholes or force companies to keep money in the US, so the debt will rise faster than predicted. The killing of the mandate will hammer the individual insurance market and insurance will be unobtainable for most self employed and small business owning Americans. The economy is solid, any stimulus will create an imbalance which will have to be kept in check with higher interest rates or face the chance of exploding inflation. There is no safety measure factored in. If the economy stumbles, Republicans will attack the social safety net. ------------------------- I was right. |
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12/14/2017 06:39 PM
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Wellll, in california, they humiliated the lil jojah peeyug chumpfscum la-HOOO-zer surf wannabe so bad, he brings it up at every chance.
So, now he's chosen to try to influence florida. And infect our wonderful, beloved surf/space coast with his doltblight bannon/ alex jones pus filled prog-a-ganda. whhhheeeeeee lil squealer. Now go away ------------------------- It's a democratic hoax |
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12/15/2017 05:12 AM
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Trumpablo thinks young people moving out of Illinois for greener pastures is big news.
That's pretty funny. ------------------------- I was right. |
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What progs do to a state.
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