Monday, January 10, 2011

Illinois could have spectacular increase in state income tax over public pensions

There are media reports, as in the New York Times, that Illinois may increase its state income tax by a staggering 75% for some people to pay for state budget shortfalls, many of which may be reported to public employee pensions.

That certainly is a way to deal with budget crunches: in states with income taxes, voters are really likely to revolt over the chicanery involved in the past in public pension funds. What about California and New York?

It’s a little discouraging to hear social security and retirement income compared to “welfare”. Just ponder the social implications.

Wikipedia attribution link for Chicago aerial picture.

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