And I Thought California Was in Bad Shape
Steve Verdon
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Monday, June 13, 2011
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12 comments
Illinois is so hard up for revenues it is considering selling ad space on license plates.
About Steve Verdon
Steve has a B.A. in Economics from the University of California, Los Angeles and attended graduate school at The George Washington University, leaving school shortly before staring work on his dissertation when his first child was born. He works in the energy industry and prior to that worked at the Bureau of Labor Statistics in the Division of Price Index and Number Research. He joined the staff at OTB in November 2004.
Never mind raising taxes on the super-rich.
It seems to me there’s a first ammendment issue here when you make the ability to own a car contigent on displaying an advocacy message for some private interest.
The economic illiterates in the state legislature and governor’s mansion have been surprised to learn that, once they’ve granted all of the
bribesincentives needed to keep major businesses from folding their tents and silently slipping away, the increase in the corporate income tax won’t bring in nearly as much revenue as they’d estimated. The next surprise on deck is when high earning individuals move out of Illinois to avoid the additional personal income tax.I don’t know…seems a high earning individual would be better equipped to handle some additional income tax. They might not like it too much, but how many will actually move?
“Some” would be my most generous answer.
I would think that it was obvious that “some” is enough to reduce projected revenues.
Related: number of ex-pats grows.
No doubt. But enough to justify manipulating the tax code to their advantage? Don’t think so.
I say, let em move. Go west young, man. Montana’s nice…and it needs settlers.
Psssh, thats so California 2010
I’m afraid Illinois is not that original. Here is a Texas licnese plate that advertises the Freebirds World Burrito.
The next surprise on deck is when high earning individuals move out of Illinois to avoid the additional personal income tax.
Yeah, like all the rich people that were going to leave New York? Oh wait, that didn’t happen.
Related: number of ex-pats grows.
How is that related? Were those ex-pats among the so-called “super-rich?” Were they moving from Illinois? There’s no reason to think that is related to this discussion at all.
No, I think they were largely among the professional class, people in the top quintile of income earners. I’m sure it will do wonders to increase income tax revenues.
No, I think they were largely among the professional class, people in the top quintile of income earners.
This is based on what, exactly? Assumption?
Reasonable inference, I think. Do you know a lot of blue collar workers or sales clerks who’ve emigrated?