No one seems to have noticed that not only did Illinois pass a big income tax increase, BUT they did the most incredible and dangerous thing that any state or federal gov has every done.! They made the tax retroactive.
INCREDIBLE!!
Are the feds going to fix the deficit by passing a tax increase for the years 2001 through 10 and send us all a bill?
I realize that it was only 12 days retroactive, but this is a very dangerous step and it should be condemned before the tax and spend crowd ( both parties) decide to try it.
JJ

Retroactive tax bills are nothing new, but always struck me as extremely unfair. I remember a big retroactive tax increase from former NJ Governor Jim Florio, who promised no new taxes in his campaign, which lead to his ouster in the next election. I believe the big tax increases that former President Clinton introduced soon as gaining office, were also retroactive. They are not usually retroactive beyond the 1st of the year, but I could be mistaken. I've not taken the extra step of researching this, this time, and am speaking from memory.

Originally Posted by JimJoe

No one seems to have noticed that not only did Illinois pass a big income tax increase, BUT they did the most incredible and dangerous thing that any state or federal gov has every done.! They made the tax retroactive...INCREDIBLE!!

This really is stupidity at it's highest level. This instance does not make me proud to call myself a native and almost lifelong Illinoisan.

But it is quite satisfying to say that I am a former resident!

Richie--You are correct, President Clinton's tax increases were retroactive to the beginning of the year.

Kahuna--Sounds like you may have company from some fellow Illinoisans.

Michael Dukakis, governor of Massachusetts, did something similar to help fund his "Massachusetts Miracle" when spending kept spiraling. I know as I was working in MA at the time and he got his retroactive tax cut through. If memory serves (I may have the EXACT number off by 1) there were 4 annual "largest tax increases in the Commonwealth's history" hikes in taxes at one point (it might have been 5, I'm not sure).