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The average income of taxpayers who leave Illinois is $20,000 more than the taxpayers who arrive here

 From Illinois Policy April 2017
What Illinoisans should know about their taxes

Statewide, residential property taxes eat up more than 6 percent of typical household income.

The average income of taxpayers who leave Illinois is $20,000 more than the taxpayers who arrive here.

Tax Day might be behind us, but Illinoisans have plenty of reasons to worry about their finances.

Here are three things families in the Land of Lincoln need to know about the cut government takes from their pocketbooks.

First, the real pain doesn’t come on the tax forms due April 18. It comes in envelopes arriving twice a year: property tax bills. These bills are the primary reason a recent study found people in Illinois bear the highest state and local tax burden in the nation.

Laura Valdez in Sandwich, Illinois, spoke of the dread she and her husband feel before that bill arrives.

“On property taxes, it’s gone from frustration to fear,” Valdez said. “Are we even going to be able to sell our home when someone does the math on the taxes?

“Since we moved in, our house’s value is down $90,000 but the property tax bill has doubled.”

Valdez says she must use 10 to 15 percent of her family’s income just to pay real estate taxes.

Statewide, residential property taxes eat up more than 6 percent of typical household income. That share is up more than 75 percent since 1990, and without major reforms to keep local government spending in check, the upward spiral won’t slow down anytime soon.

The second thing that should concern Illinoisans about taxes: State revenues are slipping. In a healthy economy, tax revenues should be growing steadily even as the tax rate stays flat. That’s not happening here.

Compared with this point last fiscal year, Illinois has taken in $1.3 billion less in state revenues. Keep in mind state tax rates haven’t changed since then. Corporate income tax receipts alone are down nearly $750 million. This means Illinois could be flirting with a statewide recession.

Jobs growth is weak, business activity is low and people are leaving the state in record numbers. So a massive tax hike – such as the one included in the Illinois Senate’s “grand bargain”– is exactly what lawmakers shouldn’t be doing as the state starves for economic growth.

Third, Illinoisans should know who pays.

The most recent data from the Illinois Department of Revenue show that the top 19 percent of Illinois taxpayers (people taking home more than $100,000 a year) cover more than 64 percent of the state’s income taxes.

Illinoisans earning more than $1 million a year pay 15 percent of Illinois’ income taxes, or $2.6 billion. That’s equal to the income tax bill paid by the bottom 58 percent of earners combined.
Some people may still think that’s not enough. They say wealthier Illinoisans are not paying their fair share. And they’re welcome to think that.

But good luck forcing well-heeled taxpayers to stick around.

Wealth flight is all too real here. Illinois is experiencing record levels of out-migration. And since the 2011 income tax hikes, the income difference between the people coming in and the people heading out has grown drastically.

The average income of taxpayers who leave the state ($77,000) is $20,000 more than the taxpayers who arrive here ($57,000), according to data from the Internal Revenue Service. That’s the largest difference in the nation.

And don’t think millionaires are blind to the growing herd of people leaving. In fact, a 2015 report estimated Chicago was the only American city to see significant loss of millionaire households. With a net loss of 3,000 millionaires, Chicago was among the likes of Athens and Rome.

No one likes Tax Day, but Illinoisans are suffering from a different type of terror. Maybe April 18 knocked some sense into state lawmakers who can’t seem to get dreams of multibillion-dollar tax hikes out of their heads.

One can hope.

 

TAGS: household income, income tax, IRS: Internal Revenue Service, outmigration, property taxes

Source: Will County News

Trump News April 24, 2017

The White House

FEATURED
WHITE HOUSE MEMO
Today, President Donald J. Trump will congratulate NASA astronaut Peggy Whitson for breaking the record for most time in space of any American. President Trump will host a videoconference call from the Oval office with Dr. Whitson, who is currently aboard the International Space Station. The President is calling on all Americans to dream big, and bold, and daring things for our country. Putting American footprints on distant worlds is not too big a dream!
MORNING:

  • 10:00AM: President Trump has a video conference with NASA astronauts aboard the International Space Station – Watch LIVE
  • 11:30AM: President Trump has a working lunch with ambassadors of countries on the United Nations Security Council

AFTERNOON:

  • 2:30PM: President Trump signs a proclamation on Holocaust Remembrance
  • 3:00PM: President Trump hosts a credential ceremony for newly appointed ambassadors to Washington, D.C.
  • 4:30PM: President Trump meets with Chairman of the Joint Chiefs of Staff Joseph Dunford
  • 5:30PM: President Trump participates in a reception with conservative media
  • 6:30PM: President Trump has dinner with Senator John McCain, Mrs. Cindy McCain, and Senator Lindsey Graham
OVAL OFFICE HIGHLIGHTS
WHITE HOUSE UPDATES

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Check out a 360-degree view of the Green Room

NEWS FROM VICE PRESIDENT PENCE’S ASIA-PACIFIC TOUR
Vice President Pence meets with Indonesian business leaders and departs for Australia.
Read More

Vice President Mike Pence arrives in Australia to meet with government and business leaders.
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Vice President Pence makes remarks to the United States – Australian Business Community.
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Vice President Pence and Australian Prime Minister Malcolm Turnball hold a joint press conference.
Read More

PRESS ROOM
Read the press gaggle with Sean Spicer here.

Today’s press briefing will take place at 1:30PM ET in the White House Briefing Room with Press Secretary Sean Spicer. Watch it LIVE here.

NEWS REPORTS
  • NBC News: “Charity Worker Detained in Egypt for 3 Years Credits Trump for Release”
    Read More
  • Fox Business: “Trump Order Gives Mnuchin Green Light to Take ‘First Step’ on Tax Reform”
    Read More

Source: Will County News

Press Release: State Rep. Mark Batinick “I’m not voting on non-essential bills until Illinois has a budget”

Sealsmall

News From

State Representative Mark Batinick

For Immediate Release                                                                      Contact: Debbie Kraulidis

        April 24, 2017                                                                                                       (815) 254-0000

Rep. Batinick: I’m not voting on non-essential bills until Illinois has a budget

 

SPRINGFIELD – With the Illinois General Assembly scheduled to return to session today amidst a crippling 22-month long state budget impasse, State Representative Mark Batinick (R-Plainfield) has announced he will not be voting on any non-essential legislation until a state budget is brought to the House Floor for debate and a vote.

Representative Batinick identified four categories of essential legislation that he will continue to vote on. Those categories include: any budget-related bills, legislation that would make state government more efficient, legislation that has the ability to produce private-sector job growth; and any bills which impact immediate public safety concerns.

“We have to put our priorities in the right place,” Rep. Batinick said. “Right now, that means passing a state budget and ending this destructive, unnecessary impasse. I may be only one legislator, but I can do my part and set an example by personally refusing to participate in wasting the legislature’s time by voting on any bills that are non-essential or distract from the most important thing we should be doing right now, which is to pass a budget.”

The Illinois House of Representatives is scheduled to return to session in Springfield April 24-28.

# # #

Joshua B. Wessell | Senior Communications Analyst

Illinois General Assembly | Office of the House Republican Leader

Address 959 Oak Street | North Aurora, IL 60542

Office (630) 345-3464 Cell (630) 849-0806

Email jwessell@hrs.ilga.gov | Find us everywhere at ilhousegop.org

Source: Will County News