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Fri Jul 24, 2015, 08:40 AM

Taxing the Rich is the Only Real Solution to Illinois’ Budget Deficit

(In These Times) The state of Illinois stands at a crossroads. Our elected officials must fix the state’s structural deficit estimated to be in the range of $3.3 to $6.1 billion. This deficit is usually attributed to a history of corruption, irresponsible spending and political patronage, which places the blame squarely at the doorstep of shortsighted politicians. But this argument misses the big picture.

The hard truth is that it costs money to educate our children, maintain our infrastructure, provide a basic social safety net and make other critical investments in the common good, and for far too long our elected officials have failed to raise the revenue to make these investments that most Illinoisans believe are important.

The state’s flat income tax rate, one of the most regressive in the United States, ensures that the wealthy pay far less, proportionally, than middle and lower income earners.

Corporate tax policy ensures that corporations pay little to no taxes on the vast bulk of their profits. Fully two thirds of Illinois corporations pay no income taxes to the state.

Lastly, a variety of ill-advised tax breaks and loopholes, implemented to attract jobs and business to the state, have undeniably failed on this count. Since they were put into place Illinois has continued to steadily lose manufacturing jobs. However, these loopholes have been very effective at draining at least a billion dollars a year out of public funds and redirecting it into idle private profits. Illinois continues to be governed on a “trickle down” economic model that has comprehensively failed over the past 3 decades. .................(more)

The complete piece is at: http://inthesetimes.com/article/18219/revenue-is-the-only-real-solution-to-illinois-budget-deficit

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Reply Taxing the Rich is the Only Real Solution to Illinois’ Budget Deficit (Original post)
marmar Jul 2015 OP
Octafish Jul 2015 #1
global1 Jul 2015 #2

Response to marmar (Original post)

Fri Jul 24, 2015, 09:22 AM

1. Same for Michigan and Wisconsin and Ohio and Pennsylvania and New York...

...and a whole lot more places including the USA.

Ask David Stockman who helped get the tax-cutting and -dodging ball rolling via Trickle Down.

Kick and Rec.

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Response to marmar (Original post)

Fri Jul 24, 2015, 10:33 AM

2. Ain't Gonna Happen In Illinois....

We have a rich Repug governor who will inflict more pain on the old, poor, disabled and middle class.

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