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Denver. Low state income tax. Low property tax. Amazing 4 season weather. Everything I like about Chicago without the grief
Miss me?
The state of Illinois is trying to tax its way into prosperity. Don't expect this tax change to solve the problem as it'll likely cause more taxpayers flock to a more tax friendly state. The loss of taxpayers/revenue would further widen the gap and leave those who stick behind to bear the brunt of additional taxes. The only way to solve this mess is to reform pensions and slim down government.
Not sure I agree/can comment on overbuilding in the city. But holy shit regarding people getting killed on re-sale value for anything in the 7 figures in nicer suburbs (Hinsdale, Burr Ridge, Kenilworth...). It seems like there’s a post in Crain’s every week on it.
It’s corruption that led to this unbridgeable deficit. No amount of tax increase is going to solve this until you address the fundamental issue - corruption!!
And they will succeed with the power of the Madigan machine
Also worried about that. Looking to move to Dallas or San Antonio
SA on my radar as my next city too
Will get neither in So. California but the gap will be much smaller and the weather is much better
This is a change to progressive tax calculation. I don’t believe impacts a lot of people. Unless you are a partner and pulling in over 500k.
I didn't vote for JR knowing he was going to increase taxes on the rich. It starts a bad precedent
I agree, M1. Today it’s 3% but it’s only a matter of time before a Pritzker shakes down the middle class across the board using a higher progressive tax. Today’s 4.95% for you and me is going to wind up being a higher number in a future tax bill
IL tax is nowhere comaparive to Cali
This is prior to any change. If talking state tax only, CA is about a 60% increase in state taxes for me right now. If this change goes through it will be 20%. Still an increase, but much less and might be worth it for some people (it is for me)
Here is the link to check the impact of the proposal:
https://www.chicagotribune.com/news/local/politics/ct-viz-graduated-income-tax-calculator-htmlstory.html
I’m betting this will evolve once they find out it won’t plug the tax gaps. It sounds great for now, but once more high-income earners flee the state and once they find they need to keep borrowing and taxing we are all going to be affected
Didn’t realize that anyone making >$1M gets the top tax rate starting at dollar 1. What a joke
Did that just now -8% on total income, no bands. Bye bye millionaires, bye bye tax base.
Indiana is much better
I've been looking at Crown Point, IN. It's about an hour downtown and probably about the same to ORD.
If you live in cook county and even more so in nice neighborhoods in Chicago, the tax will definitely be brutal. Esp with the past 2 yrs of tax increases on water and property tax.