quote:

Originally posted by SummersAtTheLake:
I know a general contractor out of northern Illinois and his company has been doing a bunch of work on new and expansion of public schools....heard yesterday that the State of Illinois owes his company almost 7 figures and can't pay.
The ripple effect of this states mismanagement and outright theft of funds is going to trickle down to a bunch of innocent people that worked hard all their life.

Friend should have seen that train coming.

^^^^^^^^^^^^^^^
Hopefully that will serve as a teachable moment in life as to what happens when you GIVE crap away to people for generation after generation who neither earn it nor deserve it. Elementary, my dear Watson.....

So Governor Rauner is caving into the demorats demands and getting nothing in return. Brilliant.

Got to tell wife we are taking a nice hit in disposable income so that demorats can feed their insatiable monster for a little while longer. Massive tax increase for corporations too. Yeah that will fix everything.

Illinois is fast turning into Detroit at the state level. Yet Chicago is spending millions and millions on being a sanctuary city.

Rauner wants to run for governor again too. Caving to the demorats agreeing to massive tax hikes for nothing in return is not my idea of good leadership. Like putting a band aid on a severed artery.

http://www.zerohedge.com/news/...sive-tax-hikes-works

"Total capitulation by Governor Bruce Rauner is in the works. The taxoholics wore him down.

In the emergency session, Rauner has agreed to hike the personal income tax rate to 4.95% from the current 3.75%. The corporate income tax rate will rise to 7% from the current 5.25% rate.

"Illinois failed to approve a budget today and thus heads into its third fiscal year without one.

A vote has been scheduled for Sunday."

For what? Nothing. Reforms are non-existent."

"Chicago schools will not get fixed. The hikes will not shore up pension plans.

Within one month of tax hikes, public unions will ask for more money. And people will leave the state. So will corporations.

Rauner pledged 44 reforms. He is 0-44 on his pledges.

The property tax freeze currently under debate has so many holes it is as useful as a bucket with no bottom.

Trading tax hikes for nothing is a horrible deal. Nonetheless, the taxohalics won again.

More business flight and human capital flight is the guaranteed outcome. Doing nothing at all would have been a far better outcome."

the people should withhold all of their state taxes....every dime

what's the state going to do? arrest everyone? time to bring the state to its knees

Well tax hikes passed the house with 72 votes and 71 needed.

This part really pisses me off. They always have to increase fucking welfare with these tax increases.

"and increase the earned income tax credit for low-income families"


http://www.chicagotribune.com/...-20170702-story.html

quote:

Originally posted by grumpy1:
So Governor Rauner is caving into the demorats demands and getting nothing in return. Brilliant. ...

You have every reason to be grumpy.

If past is prologue, two things will happen. If they estimate their tax rate increases will bring in say, an additional $5 Billion, they will spend an additional $6 Billion, the hole gets bigger, not smaller. Also, some of the more mobile taxpayers will move out, reducing the tax base. It's a one-two punch that will accelerate their road to bankruptcy.

But I have a plan. Looking at Obama's lifestyle in the past six months, he has many $millions to play with. Maybe they could tax some of his bootie (I wonder where it all came from?)

quote:

Originally posted by grumpy1:...."and increase the earned income tax credit for low-income families"...

A fellow I know once wrote "how do you prevent a safety net from becoming a hammock??

3 yrs, 5 mos, 29 days til I retire. Which is the amount of time I have to talk talk Mrs. M-11 into moving in 4 yrs.

This means more money for the Politicians to play Santa Clause for the Welfare and Illegals.

Higher personal and corporate taxes, last ones out of the State turnout the lights.

We left IL a few years ago.
I miss my friends, the good food, and the fun. I do NOT miss the corruption, graft, and constant fleecing of the taxpayers!

quote:

Originally posted by Yanert98:
We left IL a few years ago.
I miss my friends, the good food, and the fun. I do NOT miss the corruption, graft, and constant fleecing of the taxpayers!

We miss you too!

quote:

Originally posted by satch:
This means more money for the Politicians to play Santa Clause for the Welfare and Illegals.

Not yet. The senate may not pass it. Rauner has threatened to veto and probably will.

quote:

Originally posted by chellim1:

quote:

Originally posted by satch:
This means more money for the Politicians to play Santa Clause for the Welfare and Illegals.

Not yet. The senate may not pass it. Rauner has threatened to veto and probably will.

We can only hope!!!

Can't get out of here fast enough

I hear the Senate passed it today, using a couple turn-coat RINO's, so now it's up to Rauner. I'm not holding my breath.

All they're trying to do is save the bond rating from Junk-status, then carry on as usual. As a guess, this would work, but I bet the lottery doesn't come back any time soon.

Update, WGN says Rauner vetoed, Senate already voted to override, now it's the House's turn.

quote:

Originally posted by newtoSig765:
Rauner vetoed, Senate already voted to override, now it's the House's turn.

It's amazing how fast Democrats can swing into action when there are taxes to raise!

On Independence Day too... priceless.
Perhaps the 4th of July will be known as Dependence Day in Illinois.

The tax hike and budget now head to the House, which also will have to vote to override Rauner for them to become law. But according to the Chicago Tribune, Democratic Speaker Michael Madigan said the House would not do so Tuesday, meaning the budget process will play out at least another day. The House is not scheduled to convene until 4:30 p.m., but attendance has been an issue as lawmakers had dispersed for the holiday. Still no surprises are expected:

"I think that the Senate vote is reflective of the vote in the House. I think it speaks to all the hard work that has been done by a bipartisan group in the legislature," Madigan told WICS-TV of Springfield after the vote. "My expectation is that the bills that the Senate just passed will become law and we will have taken a huge step toward correcting the financial imbalances of the state of Illinois."

Perhaps, although some have suggested that instead of hiking taxes, which will lead to a fresh exodus of taxpayers from both Chicago and Illinois (recall the Chicago population is already shrinking the most of any US city) what the budget should have done is slash spending. Of course, that is the last thing on the mind of legislators of one of America's biggest nanny states.

In fact, quite the opposite: the accompanying budget plan, which the Senate also quickly approved 39-14, would have the state spend a little more than $36 billion, about $4 billion more than it currently takes in from taxes. In other words, Illinois just "saved" itself from default but assuring it would end up with even more debt.

* * *

Going back to the vote, as the Tribune adds, the 36 votes in the Senate was the minimum needed both to pass and override a veto. There are 37 Democrats in the Senate, but two voted no. They are Sen. Julie Morrison of Deerfield, and Sen. Tom Cullerton of Villa Park. Both likely will face a tough re-election challenge. Sen. Bill Haine, D-Alton, who has been undergoing treatment for blood cancer since February, traveled to the Capitol to vote for the plan. The critical vote belonged to Republican Sen. Dale Righter of Mattoon, who noted the damage done to Eastern Illinois University in his district.

"Every dollar that we throw onto the backlog of bills is a dollar the next generation has to pay for even though we got to spend it," Righter said. "That's simply wrong, and that is the basis for which I support this."

* * *

So do today's last minute Senate fireworks mean no Illinois downgrade to junk is coming? It remains to be seen: the movement after years of dysfunction was enough to delay the state's credit rating from being cut to junk status by Wall Street ratings agencies Monday, though they warned that much rides on a final approval of the budget package. Even then, S&P Global Ratings warned that long-term damage has already been done.

"Even with a budget, however, it's likely that Illinois' finances would remain strained and vulnerable to unanticipated economic stress," the agency said. "In addition to having accumulated record amounts of payables, the state's university system has been deprived of state funding since January 2017. If a budget is enacted, the degree to which it closes the state's structural deficit, provides a pathway for addressing the backlog of unpaid bills, and its impact on cash flows, will be important factors in our review of its effect on Illinois' credit quality."

Meanwhile, on Monday Fitch called the weekend developments “concrete progress,” noting that it appears the legislature may have enough votes to override Rauner’s planned veto of the tax hike. S&P called the actions a “meaningful step.” Yields on the state’s 10-year debt have soared to 4.8 percent, 2.8 percentage points more than those of benchmark obligations. That’s the highest yield of all 22 states that Bloomberg tracks.

It would be the ultimate insult to Illinois if despite the last minute scramble, S&P were to do to the insolvent state what it did to the USA in August 2011, when despite the pleas of Obama, Geithner and the entire administration, it went ahead and did the unthinkable, when it downgraded the US from its vaunted AAA rating. In any case, it's only a matter of time before Illinois slides not only to Junk, but to Default as well...

http://www.zerohedge.com/news/...rrides-governor-veto

The biggest single problem in IL: Mike Madigan.

quote:

Originally posted by chellim1:
On Independence Day too... priceless.
Perhaps the 4th of July will be known as Dependence Day in Illinois.

Yeah no kidding.

But the demorats must reward those that keep them in power - the public unions and the welfare voters.