Debt-ridden Illinois buying election year votes with temporary 'tax cuts'

Democrats in Illinois are bragging that they are showering $1.8 billion of temporary tax cuts on the populace because of their superior fiscal management, instead of crediting the largess of federal taxpayers (which contributed greatly to the destructive inflation that is destroying the economy) for their windfall.  They are even trying to force stores to display propaganda on it.

Grocery stores must advertise the suspension, by law, on customer receipts. If that isn't feasible, they must display a 4-inch by 8-inch bold sign. Either option will show this message:

"From July 1, 2022, through July 1, 2023, the State of Illinois sales tax on groceries is 0%."

Here is the amount it appears my wife and I will get from this stash:

– $50 per person per year in an income tax cut or $100

– A possible $300 additional property tax credit.  In Illinois, we are privileged to pay the highest or second highest property taxes in the country — so how generous!

– A temporary suspension of the 1% sales tax on food for a year.  So if my wife and I spend $400 per month at the store, we will save $4 per month, or $48 per year.  Everyone should remember that sales taxes have risen substantially on gasoline and everything because of inflation, and now they are bragging about a 1-cent reprieve for a year.

– The Democrats are also counting a delay in a 2-cent rise in gas taxes, scheduled to go into effect in July, as a tax cut, even though it won't save anyone money out of his current expenses.  Using that same logic, I will also delay the purchase of a car, so I will call that a spending cut.

Only seven states have general sales taxes on gasoline, including Illinois, so as prices doubled, the sales tax doubled.

Everyone should remember that in the past couple of years, Illinois has doubled gas taxes and substantially raised license plate fees and sales taxes on gas, and many prices have skyrocketed due to inflation caused by Democrats' idiotic policies to block drilling and pipelines.  And all the Democrats could come up with to help the poor, middle class, and businesses was a six-month delay in a 2-cent increase?  That shows they don't really care.

We should also remember that a couple of years ago, the Democrats were trying to change the state constitution to allow for graduated income tax rates.  We were told how devastating it would be if it didn't pass.  They lied.

So it looks as though my wife and I will save $448 per year, or $37 per month.  I believe I will invest my windfall in 9 gallons of gas and a soda.

Illinois has the highest tax burden in the nation and yet has the biggest underfunded pension liability in the country, $313 billion, and that doesn't count other debt.

Illinois now levies the nation's highest state and local tax rates on residents, costing each household $9,488 — or more than 15% of their annual income — in 2022, a new WalletHub report found. 

That tax load is nearly 39% more annually than the nation's average.

How bad will it be if the economy goes into a recession and stock and other asset prices collapse?  What will the debt burden be if the Federal Reserve does its job and raises interest rates to squeeze out inflation?

George Will: Unlikely, but here's how Illinois could escape its fiscal abyss 

The nationwide, but mostly Democratic, incontinence regarding pension promises for government employees has driven state and local governments' unfunded commitments to almost $5 trillion. Illinois' debt, relative to the size of its economy, is the nation's worst. The unfunded liabilities of state-managed pension systems are $313 billion, which is around 30% of Illinois' gross domestic product.

Even sustained brisk economic growth would not solve the pension crisis under current law. And current law makes such growth impossible.

Democrats generally believe that the government should confiscate a greater share of money, pick winners and losers, keep a lot of money for itself, and then trickle out the remainder in the form of cash or free stuff.  Socialism has never worked for the people, but it does make politicians, bureaucrats, and leftist special interest groups richer. 

So why are Democrats in Illinois who have always advocated for higher taxes giving citizens a pittance back?  Because there is an election coming up. 

They have to campaign and brag to the voters about how generous and great they are.  How much they care.  They have a primary in June and a general election in November. 

Illinois legislators make around $70,000 each year, which is almost as much as the median family income, around $75,000.  Most of those workers do not finish their job by April 10 and don't get the rest of the year off with pay, health, and generous pension benefits. 

People who challenge the incumbents probably can't take the rest of the year off, with pay, to campaign. 

Politicians are so special. 

No one should claim that politicians of either party in Illinois, but especially Democrats, are good fiscal managers.

It is no wonder that citizens of Illinois are leaving so fast to a better economic environment. 

What is Illinois doing to cause people to stay or to attract new people and businesses to come in?  Nothing!

Illinois leads U.S. for people moving out of state; report marks eighth straight year of decline

I would challenge all journalists and other Democrats to name any of their policies that are meant to give the private sector more money and freedom versus making the government more powerful and richer and making more people dependent on the government. 

I can't think of any. 

Image credit: FamartinCC BY-SA 4.0 license.

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