Sunday, May 24, 2015
Quincy, IL News - QuincyJournal.com

Recent Comments

quincymike - Illinois House panel approves millionaire tax amendment - Quincy, IL News - QuincyJournal.com
They pass what they want to pass. The millionaire tax means nothing. Its merely another angle of this class warfare the Dems love to push. The What happened to term limits? Went down in flames. Its not about the people its about the political class and protecting their own turf. That is what we need to be concerned with! Higher taxes are coming soon to everyone. Think taxing retirement income and…
cgbrocksmith - Updated NASA Data: Global Warming Not Causing Any Polar Ice Retreat - Quincy, IL News - QuincyJourna
The sheeple followed the media and of course the fake and false science mislead you all. Learn the truth before you leap.
QuincyGuy - Senate Approves fast track for Obama - Quincy, IL News - QuincyJournal.com
Until we replace the current Senate and President, we will continue to have stuff like this TERM LIMITS!
QuincyGuy - Two children safe after Fri abduction - Quincy, IL News - QuincyJournal.com
Great work. It is good to see positive stories on Police and how they help keep us safe.
ONCEMORE1 - Germanfest on June 6th - Quincy, IL News - QuincyJournal.com
Is the location of this event a secret?

Most Popular

Quincy School Board to re-bid QHS construction

Local McDonalds changing hands QJ Original

Criders in court

National Study Quantifies Impact of Kroc Centers

Two children safe after Fri abduction QJ Original

Paid Ferguson protesters still waiting for the check

Real Estate Transfers May 11 thru May 15

Quincy, Adams County want your feedback

Millionaire tax amendment advances to House

1 year, 1 month ago Doug Finke, State Capitol Bureau

Progressive income tax rejected

From Doug Finke, State Capitol Bureau :
An Illinois House committee Thursday signed off on a measure that would allow voters to decide if millionaires should pay more in state income taxes.
At the same time, the House Revenue Committee put a stake in efforts to bring a progressive income tax to Illinois by voting down a proposed constitutional amendment on the issue.
The committee voted along party lines to approve the proposed constitutional amendment by House Speaker Michael Madigan, D-Chicago, that would impose a 3 percent surtax on incomes above $1 million. Income up to $1 million would continue to be taxed at the state's personal income tax rate, currently set at 5 percent.
Madigan said his amendment would apply to the more than 13,000 millionaires in the state. He said it would raise about $1 billion a year that would be distributed to K-12 school districts on a per-pupil basis. Each school district would receive $550 per student regardless of a district's financial health.
“Within our society, those who earn over $1 million are better equipped than others to support education,' Madigan said.
Rep. David McSweeney, R-Barrington Hills, said he was concerned about the impact on small businesses, many of which are set up to pay income taxes at the personal rate rather than the higher corporate rate. Coupled with the 2011 temporary income tax increase, McSweeney said, Madigan's proposal would mean a 167 percent tax increase on those businesses since 2010.
Illinois Manufacturer's Association president Greg Baise called the idea “bad policy and bad form.”
“This is more of a perception tax than a reality,” he said. “It is a perception Illinois wants to penalize success.”
However, Rep. John Bradley, D-Marion, said the surtax is a good approach for areas like his that do not have many millionaires.
“This is an opportunity for a lot of areas in the state to actually do a lot better with minimal impact on my regions,” he said.
The proposed amendment now goes to the full House, which must approve it by a three-fifths vote. The Senate will then have to approve it by the same margin for the issue to appear on the November ballot.

Click Here to Read Full Article


From the Newsroom

QuincyJournal on Twitter

QuincyJournal 1 hour, 42 minutes ago

Updated NASA Data: Global Warming Not Causing Any Polar Ice Retreat http://t.co/ipwRuR6w1y
QuincyJournal on Twitter

QuincyJournal 6 hours, 40 minutes ago

Scout cornfields for black cutworms, Purdue pest management expert advises http://t.co/MCooDrxdYu
QuincyJournal on Twitter

QuincyJournal 21 hours, 37 minutes ago

Muddy River Opera presents La Boheme by Puccini http://t.co/C0VSWZ4AMm
QuincyJournal on Twitter

QuincyJournal 22 hours, 37 minutes ago

Lebron leads Cavs to a 2-0 series lead over Atlanta http://t.co/wwhNBosLLR