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Illinois. The lab for the US

In 2011, Illinois passed a $4 billion temporary hike in income tax.

This after leading pols denied such would happen.

Then they changed their mind or public comments and promised solution was to pay off old debts, get on more solid financial footing and nothing new would be bought.

The tax expires shortly.

Illinois is 2nd nationally in the jobs loss race.

25% of the annual hike revenue gets spent on the regular annual budget. In otherwords not on paying off old debts but rather spending on new things.

States like Indiana and Wisconsin that border Illinois have a more favorable environment. Companies with jobs are moving there. Retirees are moving there. So fewer people to be taxed are moving away.

No job creation, no environment to create jobs, increasing tax burden on a shrinking group. Now shifting the blame to those that "don't pay their fair share" as the rationale to keep up the tax and avoid talking about the increased spending (thought that wasnt a part of the equation?).

So substitute foreign countries for Wisconsin and Indiana as it relates to jobs, continue the growth in debt, put pensioners at risk and pit them against those who are in the private sector and you have the "experiement" going on in a slightly smaller test tube.

It doesnt work.

Just returned from Buffalo today. Drove to Niagara Falls and toured the Buffalo area. Sad to see all the trashed out industrial buildings there like so many American cities. Jobs gone around the world ...........................

Wish companies that made millions $$$$$$ were required to escrow funds to later tear down and clean up their deserted factories. b

(03-22-2014 10:13 PM)okgc Wrote:  Just returned from Buffalo today. Drove to Niagara Falls and toured the Buffalo area. Sad to see all the trashed out industrial buildings there like so many American cities. Jobs gone around the world ...........................

Wish companies that made millions $$$$$$ were required to escrow funds to later tear down and clean up their deserted factories. b

Did you take in the butterfly garden at the falls?

The butterflies were still frozen.

Hope you didn't pay for that.
Apparently you were too busy with Ripley's Believe it or not?

(03-22-2014 10:13 PM)okgc Wrote:  Just returned from Buffalo today. Drove to Niagara Falls and toured the Buffalo area. Sad to see all the trashed out industrial buildings there like so many American cities. Jobs gone around the world ...........................

Wish companies that made millions $$$$$$ were required to escrow funds to later tear down and clean up their deserted factories. b

Buffalo struck me the same way. Just another Midwest (though still in NY) rust belt city. We chose to stay in Niagara Falls which was only 20 some miles away. It was damn cold at the falls. Freezing temperatures, high winds and damp spray did not make for a pleasant visit. Still an impressive site though. Glad to have seen it in winter.

American's living overseas have been renouncing American citizenship in record numbers. IRS is demanding foriegn banks provide account information on these citizens for taxation, and many banks are flatly refusing to do bussiness with Americans as a result. Thus forcing Americans to choose between a safe place to keep their money, and their citizenship.

Point of the above is that even leaving the country doesn't get you away from American taxes.

(03-23-2014 03:23 PM)Tommyboy Wrote:  American's living overseas have been renouncing American citizenship in record numbers. IRS is demanding foriegn banks provide account information on these citizens for taxation, and many banks are flatly refusing to do bussiness with Americans as a result. Thus forcing Americans to choose between a safe place to keep their money, and their citizenship.

Point of the above is that even leaving the country doesn't get you away from American taxes.

Taxes and death I can live with.

Graft and corruption not so much.

If an American works out of the US for over 331 continuous days there is no federal income tax on earnings.

And yet the IRS still wants to know where you bank and where your money goes.

As well they should, freedom isn't easy or cheap. Think about it.