While I agree, what ticks me off the most is the dirty rush method politickshuns use to pass unwelcome legislation. Just shows that they know that their constituents do NOT want it, but they're going to ram it down their throats anyways.
While I agree, what ticks me off the most is the dirty rush method politickshuns use to pass unwelcome legislation. Just shows that they know that their constituents do NOT want it, but they're going to ram it down their throats anyways.
They are going to raise their income tax rate to 5% 
The income tax rate in OK is 5.5% if you make over $8,700
The income tax rate in OK is 5.5% if you make over $8,700
Time for the residents of Illnois to protest.
Assuming a family of four making $50K/yr (the minimum to pay federal taxes), that increase is about two months of groceries. They went from a week and a half to over two and a half weeks' worth of wages going to state government. Why? "Compassion"
They are going to raise their income tax rate to 5%
The income tax rate in OK is 5.5% if you make over $8,700
True, but do they also pay property taxes and sales/excise taxes that fund the same things as OK's income tax?
I don't know the answer. I just wish to point out there is more to the equation than just an income tax rate. Many of my friends in Texas laugh at OK's income tax rate (as you know, TX has no income tax), until they realize what I pay in property tax. And they pay 6.25% on vehicles, new and used (versus the 3.25 give or take we pay here).
Oregon has no sales tax, but they have income taxes. In WA State, they have no income tax but pay nearly 9% in sales taxes. Residents in Vancouver WA (a Portland suburb) are smart and drive across the river to retail shop
It is not a linear comparison.
ETA, all other things equal I would prefer a tax on my consumption over a tax on my productivity (i.e. income).
HEY! They could end welfare and food stamps all together...
Quite True.True, but do they also pay property taxes and sales/excise taxes that fund the same things as OK's income tax?
I don't know the answer. I just wish to point out there is more to the equation than just an income tax rate. Many of my friends in Texas laugh at OK's income tax rate (as you know, TX has no income tax), until they realize what I pay in property tax. And they pay 6.25% on vehicles, new and used (versus the 3.25 give or take we pay here).
Oregon has no sales tax, but they have income taxes. In WA State, they have no income tax but pay nearly 9% in sales taxes. Residents in Vancouver WA (a Portland suburb) are smart and drive across the river to retail shop
It is not a linear comparison.
ETA, all other things equal I would prefer a tax on my consumption over a tax on my productivity (i.e. income).
I have been comparing states as far as being friendly to retirees.
Tax rates are VERY important to retirees.
Here are how Oklahoma compares with Illinois as far as taxes go.
Oklahoma has an income tax with 7 brackets. The top bracket that starts at $8,700 and the tax is 5.5%. State sales tax is 4.5%. At 9.8% the the total tax burden in Oklahoma was the 19th highest in 2008. Property taxes are among the lowest in the U.S.
http://www.topretirements.com/state/oklahoma.html
Illinois has one of the lowest income tax rates with a flat rate of 3%. State sales tax is 6.25%; local governments also sometimes charge sales tax. Cigarette taxes are about average and gasoline taxes higher than average. Total tax burden in Illinois is 30th in the nation, so the state is slightly more tax friendly than average.
http://www.topretirements.com/state/illinois.html
MSN MoneyCentral also has a state by state breakdown:
http://moneycentral.msn.com/content/retirementandwills/p45875.asp
Of course these stats for Illinois are PRE-Income Tax Increase.
Good links, thanks!
Go try a lawsuit in Cook County or any of the collar counties and you'll truly understand how the word "welfare" is defined. You see it on almost every jury…the sense of entitlement is frightening, but that seems to be what we've created.
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