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ILLINOIS LAWMAKERS APPROVE 66% TAX INCREASE

Illinois state Reps. discuss issues on the House floor Tuesday. They approved a 66 percent sales tax increase.

Illinois state Reps. discuss issues on the House floor Tuesday. They approved a 66 percent sales tax increase.
Posted on January 12, 2011 at 7:50am by Jonathon M. Seidl Print SPRINGFIELD, Ill. (AP) —

Democratic Illinois lawmakers beat a looming deadline and approved a 66 percent income-tax increase in a desperate bid to end the state’s crippling budget crisis. Legislative leaders rushed early Wednesday to pass the politically risky plan before a new General Assembly was sworn in at noon, taking a slice out of the Democratic majority and removing lame-duck lawmakers willing to support the tax before leaving office.

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Taxes

A Roadmap for America's Future:

The Budget Committee Republican

Lengthy but well worth the read! Internet version has introduction presented by Congressman Paul Ryan (R) - Wisconsin, Ranking Member, Committee on the Budget. Remember him from the "healthcare summit?"

Internet Link

PDF Link

Everyone Should Pay Income Taxes

It's bad for our democracy to exempt half the country.

April 23, 2010 by Ari Fleischer

A very small number of taxpayers -- the 10% of the country that makes more than $92,400 a year -- pay 72.4% of the nation's income taxes. They're the tip of the triangle that's supporting virtually everyone and everything. Their burden keeps getting heavier. As a result of the 2001 tax cuts enacted by a bipartisan Congress and signed by President George W. Bush, the share of taxes paid by the top 10% increased to 72.8% in 2005 from 67.8% in 2001, according to the latest data from the Congressional Budget Office (CBO). Contrary to the myth that Mr. Bush cut taxes only for the wealthy, the 2001 tax cut reduced taxes for every income-tax payer in the country. He reduced the bottom tax rate to 10% from 15% and increased the refundable child tax credit to $1,000 from $500 per child, both cuts that President Barack Obama says we should keep. In so doing, millions of lower income taxpayers were removed from the tax rolls, shifting the remaining burden to those at the top, even after their taxes were cut.

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Tyrannosaurus Debt