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Illinois moves into the top 20 personal income tax states

If you are in Illinois and upset over the personal income tax hike, well now Illinois is the 16th worst state to be in.

Here’s a list of the states with highest average income tax rates:

California – 7.75
Oregon – 7.73
Minnesota – 7.53
Maine – 7.23
Vermont – 7.18
Hawaii – 7.01
New York – 6.05
Wisconsin – 5.94
North Carolina – 5.49
Connecticut – 5.4
Massachusetts – 5.1
Idaho – 5
New Hampshire – 5
Tennessee – 5*
Utah – 5
Illinois – 4.95
Iowa – 4.92
Rhode Island – 4.83
West Virginia – 4.8
Delaware – 4.71

“The tax increase isn’t a solution to (the state’s financial problems),” Labell said. “The impact of this hike would be felt much sooner than the budget impasse. There would be more economic stagnation and more people will leave the state, and the more people who leave the state, the worse it will be for those who stay.”

The economic downfall of Illinois is already bad. I have not closed on my new property as of yet and i am tempted to just cancel it and work on moving to a better state. Illinois is beyond fixing. The second quote is exactly what will happen. When businesses and residents flee the state the increased tax rate won’t do much with the lousy spending the state is doing. The only way Illinois gets out of the debt and avoid becoming a junk state is to cut 70% of it’s expenses. That means a ton of layoffs, something that no state wants to do but without a budget and without a way to pay off the debt there won’t be a state for people to live in. And that means the entire state will suffer.  For starters IL should shut down their emissions air quality control and cut all road construction and only focus on the roads that desperately need repairing.

When i had a budget crisis of my own i had to make some tough choices. I couldn’t buy any new clothes, couldn’t buy any cleaning supplies (only when i really needed it) and i only drove to work and home. I was still losing money but it wasn’t a whole lot and i got it back during tax time. I am already going to see if i could claim myself as a dependent on state income taxes but that means i won’t be able to spend that money.. and it’s a bit of a headache with that and usually it’s easier to just let them take the money they need out. But if they are not getting paid every week they may have to make more cuts. In the end it won’t matter as the extra money they are trying to get from people will be lost when people are moving out of Illinois. The only solution to fix this is something that the Illinois politicians are not willing to do, but it needs to be done if we are to get out of this budget crisis.

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Illinois end-of-year budget deficit to top $6B

Illinois has a total of $14.9 billion deficit. And no one is doing anything about it. The result, higher taxes and population decrease, Illinois loses more residents in 2016 than any other state / https://www.illinoispolicy.org/reports/still-leaving-illinois-an-exodus-of-people-and-money/

This also drives up the constant violence Chicago faces, 8 shot in Lawndale: ‘This is just the city we live in’

High taxes and poor education isn’t helping much in the state of Illinois. The biggest problem is that there isn’t anything being done to rectify the deficit. The increase in taxes won’t help, Illinois Senate Passes Budget, Tax Increase

“You pay the highest property taxes in America. We’ve got to change that. We’ve got to bring our property taxes down over time. And the way to start is to do a true, long-term property tax freeze and give you – all the people of Illinois – the power, the ability to decide, if and when and how your property taxes move,” Rauner said during the Facebook Live. “That’s what we’re pushing for. We’ll never give up on that push. And that’s the stumbling block right now.”

Consequently people are leaving Illinois. Why pay ridiculous tax rates when you can move somewhere where taxes are not as high.

700+ days without an Illinois Budget; Local school district could close if nothing passes

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Bottom line is Illinois has leaders who have no idea on how to budget. Illinois needs to stop spending money on useless things such as researching on whether they want to build a road, in fact they should stop building new roads and fix the problems with the roads they do have. Increasing tolls, taxes, gas prices and the overall cost of living will only hurt the state in the long run. Illinois has to come up with a budget that cuts all the useless spending out. And with a $14.9 billion deficit, i think it’s time to cut unnecessary spending.

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