Ah, New Years Day. I feel 1.25% more wealthy this year. And bloated. 1.25% more wealthy and bloated. Usually after the holidays, it’s just bloated. But not this year.
Cold. Hard. Cash. That’s not the sound of pennies janglin’ in my pocket. No siree. Those are actual quarters. Look out NBA Jam, I’m coming for you, and this time, I’m the Indiana Pacers. Detlef All Day.
The <taxpaying> citizens of IL received a New Years Day gift this year. Well, I guess when something is supposed to happen as scheduled, planned, and promised – even though some people fight vigorously to back out of said schedule, plan, and promise – is it still really a gift? Maybe this is how Sweetest Day came to be?
The IL state income tax hike was PARTIALLY rolled back to 3.75% from 5% on January 1. This would not have happened if the voters of this state didn’t tell Quinn to pack up his rusty reel lawn mower and go home. You see, Gov. Temp-to-Perm-to-JustGoAwayAlready wanted to make the tax hike permanent, but the citizens said “how about NO.” It was a minor win for the working folks of this state. But I’ll take minor wins. I’m used to it…I lived through the Dave Wannstedt years.
You and I may be happy, but our favorite local public unions and their retirees are surely not. They are aghast…AGHAST, I SAY…that the tax rate went down. Especially the retirees, who continue to back tax policies that keep rates 67-100% higher than when they worked. Or they’re all for a progressive income tax that violates the document they hold so sacred…the Illinois Constitution. And with this rollback, all those progressive tax rates floated out there pretty much amount to tax hikes for everyone (funny how no new alternate progressive tax plans based on the current tax rates have been proposed, huh?). Well, almost everyone…
You see, our state pensioners are NOT taxed by the state. Illinois is in such financial peril, yet not one single plan endorsed by any public union calls for taxing retirement income of ANY form. When I say retirement income, I really mean THEIR pension income. According to the BGA, there are 30,000 pensioners are pulling in over $80,000 in pension benefits this year. Still, the public unions can’t find a way to have THEM contribute ANYTHING? Not even progressively? Not even at all? Nope, still a big, fat, flat Z-E-R-O. Forever and ever. As a Harvard Professor is to Obamacare, our public sector unions are to fair taxes.
I have no idea how long this tax rollback will last. The over/under is 6 months. But even if that’s the case, I’ll take what I can get for as long as I can get it. Queue up the music, John Tesh. It’s been a few years, but I’m ready to play.