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02:10 AM on 06/01/2011
It sucks to live in Illinois..........................lousy sports teams, bad weather and now a bunch of debt,
02:09 AM on 06/01/2011
Good, let one of these irresponsible States go down, shut down.

I don't feel obligated to pay huge Income, Sales, and Property taxes just so State Employees can retire early ... and in comfort.

Let it fall.
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spoonbill1963
11:05 AM on 06/01/2011
We need to start by getting all unions out of the public sector.
JB1977
My micro bio is empty
12:27 PM on 06/01/2011
Yeah! Screw their 12 million plus residents! Right on!
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Singha
Still alive and breathing...
01:15 AM on 06/01/2011
Maybe Illinois should succeed from the union and then ask for foreign aid?
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FreewheelinFranklin
Keep on Truckin'
01:01 AM on 06/01/2011
Why do they always say that if the debt was "divided among each citizen" it would come to XX dollars. Why don't they say "if it was divided among the corporations", it would come to....... ?.
JB1977
My micro bio is empty
12:28 PM on 06/01/2011
C'mon, corporations don't actually pay taxes. They're people, except when tax time comes.
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HUFFPOST SUPER USER
rchsod
09:41 PM on 05/31/2011
how many jobs in this state has gone south of the border or overseas? without manufacturing goods there`s no money for services.

i guess it`s time for illinois to declare bankruptcy...
beachgirlchix
We Will Not Be Silent!
10:12 PM on 05/31/2011
States currently cannot do that.
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HUFFPOST SUPER USER
rchsod
10:23 PM on 05/31/2011
ya i know...being just being sarcastic
08:47 PM on 05/31/2011
If you check out www.taxfoundation.org, you find that in July of '63, JFK's Congress doubed the general corporate tax rate from .25% - 1.0% to .50%-2.0%.
Individual tax brackets for MFJ ranged from 20% for up to $4,000.00 income to 91% for $300,000 , rates that had been in effect since 1954. LBJ lowered those to 16%(up to $1,000 income) - 70% ($200,000 ). There wasn't a separate rate structure for singles until 1971. During the last year of Dubyah's reign, the MFJ brackets were 10% for an income of $16,050 to 35% for $357,770 .
We need to divest ourselves of three 'wars' and invest in retraining our workforce to upgrade our infrastructure and to capture renewable energy. Congress is not doing nearly enough to bring these sorely-needed goals to fruition.
02:11 AM on 06/01/2011
Can you imagine paying 91% to the Government?

Now THAT's just criminal ...

We have a Spending problem here people, not low tax rates !! Where is the Author on this??
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Left of Center
Left way? Right way? How about the correct way???
10:04 AM on 06/01/2011
The uber-wealthy paid that rate under Eisenhower, a Republican!
HUFFPOST SUPER USER
spoonbill1963
11:07 AM on 06/01/2011
The progressives, most of whom are on welfare, don't want to hear we have a spending problem.
08:39 PM on 05/31/2011
This problem of insolvency is the same for the United States Federal government. Is it a coincidence that the former Illinois Senator and the current President of the United States are the same man affecting both in the same way? Anyone getting this connection figured out?
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HUFFPOST SUPER USER
William Reese
01:27 AM on 06/01/2011
Kind of like the coincidence our last President was an oil man from TX and they make record profits off of artificially inflated oil prices. Kind of like W and daddy were butt buddies with the Saudi princes and the Bin Ladens and they committed the largest attack on US soil since the American Revolution.Kind of like This whole financial debacle began before POTUS entered office. Anyone got this connection figured out??
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spoonbill1963
11:07 AM on 06/01/2011
You betcha.
07:04 PM on 05/31/2011
“Our tax system still siphons out of the private economy too large a share of personal and business purchasing power and reduces the incentive for risk, investment and effort – thereby aborting our recoveries and stifling our national growth rate.”

– John F. Kennedy, Jan. 24, 1963, message to Congress on tax reduction and reform, House Doc. 43, 88th Congress, 1st Session.
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Left of Center
Left way? Right way? How about the correct way???
08:59 PM on 05/31/2011
Post all you want Joe, but you fail at understanding that:
1. We do not live in 1960s American any more.
2. Tax rates are already at their lowest in over 60-years

What would you have, the tax rate lowered to ZERO???

GE already claimed NO TAXES on 24 BILLION in profits last year. How do you reconcile your wishes against big companies already paying NO TAXES???
02:23 AM on 06/01/2011
GE is a big buddy of Obama .. so are Public Employee Unions and SEIU which received Trillions in Stimulus thanks to the lobbying of Trumpka and Rathke.

Seems you fail to understand Joe's quote, then inform us the current year isn't 1960 ... really??

Federal Tax Rates may be lower, but the totality of Federal, State and Local taxes across the board, when added up, are higher than ever in this nation. We are taxed on everything!! Tell me something that's not taxed?
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spoonbill1963
11:08 AM on 06/01/2011
Yawn
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Left of Center
Left way? Right way? How about the correct way???
02:23 AM on 06/01/2011
This guy singles out one Tax but fails to add up all taxes in their totality.

We are taxed now more than ever in this Nation.
07:03 PM on 05/31/2011
“It is no contradiction – the most important single thing we can do to stimulate investment in today’s economy is to raise consumption by major reduction of individual income tax rates.”

– John F. Kennedy, Jan. 21, 1963, annual message to the Congress: “The Economic Report Of The President”
02:25 AM on 06/01/2011
Don't bother posting anything common sense on this site. You'll either be banned, or mocked, or both.

People wishing higher taxes on themselves are idiots or really believe someone else will pay, not them.
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Left of Center
Left way? Right way? How about the correct way???
10:00 AM on 06/01/2011
No, we believe that taxation is a fair trade for the services we expect in life. You don't want a police department, fire department, road improvements, public schools, then don't pay anything
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Left of Center
Left way? Right way? How about the correct way???
10:02 AM on 06/01/2011
Should you land in the hospital, be prepared to pay for it all in cash since you don't believe in any fair taxation to cover you should you not have any insurance. Afer all isn't that also a tax to you?

Typical Republicorp employee who wants it all for free...
07:02 PM on 05/31/2011
“In today’s economy, fiscal prudence and responsibility call for tax reduction even if it temporarily enlarges the federal deficit – why reducing taxes is the best way open to us to increase revenues.”

– John F. Kennedy, Jan. 21, 1963, annual message to the Congress: “The Economic Report Of The President”
beachgirlchix
We Will Not Be Silent!
10:14 PM on 05/31/2011
How high were taxes under Kennedy? Something tells me they are a hell of a lot lower now.
beachgirlchix
We Will Not Be Silent!
10:18 PM on 05/31/2011
Never mind, I found it on Heritage.org: "President Kennedy proposed across-the-board tax rate reductions that reduced the top tax rate from more than 90 percent down to 70 percent." Why are you comparing lowering the tax rate from 90% to 70% with lowering the current tax rate from 35%? I think your argument does not work anymore. Especially when the top "earners" only pay 15% in capital gains...And you really want to lower it? Get real!
02:27 AM on 06/01/2011
Do you even know what "Capitol Gains" are?

Which President lowered this rate to 15% ? What happened to the Economy after that?

Only an idiot would wish higher taxes on themselves, so I guess you're expecting other people to pay, not you.
06:58 PM on 05/31/2011
“Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few years an increased – not a reduced – flow of revenues to the federal government.”

– John F. Kennedy, Jan. 17, 1963, annual budget message to the Congress, fiscal year 1964
beachgirlchix
We Will Not Be Silent!
10:15 PM on 05/31/2011
Great quotes and all, but could you include some context? What were the income tax rates when Kennedy made this speech?
06:53 PM on 05/31/2011
For a vast majority of the past 40 years, Illinois has been 'run' by Republican governors, not a few who have been thrown in the pokey for various criminal misdeeds. So, blaming the current ills on Dems, alone or in particular, is plain foolishness.
During the same time, the pols 'balanced' the state budget by raiding various retirement systems. To break the habit, they even passed a law to force themselves to make re-payments...which they have often ignored. One upshot, unfortunately, is that the teachers' retirement system - funded personally by teacher career-long contributions @ 8%, the local school districts that employ them, and wise investments by system directors - NOT the state - is still owed billions of dollars. By the way, Chicago teachers are not involved in the state system, but rather contribute and are awarded annuities from their own.
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07:07 PM on 05/31/2011
who is in jail besides Ryan?
07:13 PM on 05/31/2011
Only Thompson and Edgar have been uncommitted...Blago, not yet.
08:32 PM on 05/31/2011
The Dems have been holding the purse strings in Illinois for many, many years.
06:52 PM on 05/31/2011
NeoConsAreFinished
Fight the Ah mer I cun talibanned .303 FansBecome a fan
Unfan .0 minute ago (6:48 PM) joe has a problem putting 2 and 2 together no matter how many times you contradict his liebertari­an talking points.
He cant seem to understand that the BankTrumps­ters are at the root of this issue.
xxxxxxxxxxxxxx

How the unfunded mandates of public sector compensation the fault of the banks?
Is your spending the banks fault? sheesh!

As soon as you post up some facts we'll read them
beachgirlchix
We Will Not Be Silent!
10:27 PM on 05/31/2011
Are you kidding me? Are you not aware that pensions were invested in the scams the banksters were running, like securities and derivatives and credit default swaps? When the economy failed due to banksters' idiotic risk taking, the pensions lost a TON of money. Really, you didn't know that? Ok...here's a fact for you: Vermont’s pension funds lost about $1.5 billion during the economic collapse — or roughly one-third of their value, according to the state treasurer’s office. The funds’ value peaked at $3.6 billion in October 2007 and bottomed out at $2.1 billion in February 2009. http://www.7dvt.com/2011you-can-take-it-bank
02:48 AM on 06/01/2011
That sucks, but really, who didn't lose 30%??

So why should other Vermont Taxpayers, who are suffering themselves .. be forced to pony up even more for someone else's retirement??
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HUFFPOST SUPER USER
NeoConsAreFinished
Fight the Ah mer I cun talibanned
06:46 PM on 05/31/2011
This thread has become over run with trolls, Aynal Rand delusional Liebertarians and other low information fearful types.
06:55 PM on 05/31/2011
You can't take the heat...Hey, did you read that NPR link I gave you about medicare trust saying it will be insolvent by 2024? how about the one from the senate?

I used to post on AOL news, but all you left for me was HP...Are left wing blogs the only place you get your news?
06:55 PM on 05/31/2011
did you read my links you requested?
06:35 PM on 05/31/2011
“It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now … Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”

– John F. Kennedy, Nov. 20, 1962, president’s news conference
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HUFFPOST SUPER USER
NeoConsAreFinished
Fight the Ah mer I cun talibanned
11:06 PM on 05/31/2011
LOL It was wrong then and it is wrong now.
beachgirlchix
We Will Not Be Silent!
11:10 PM on 05/31/2011
You can post all the JFK quotes you want; I'll bet everyone on here agrees with him (and apparently you) that the tax rates for the top need to be 70%. That is what he had them at. He lowered them from 90% to 70%. Is that the point you are making? Taxes need to be at 70% for the rich? Ok, I totally agree with you.