Over thirty years ago, I was sitting in one of those easy A courses down at DePaul while finishing my undergrad. I say that because it wasn’t one of the more difficult ones in auditing, taxation, or GAAP Theory that would turn your brain into mush. It actually was a course about the consequences of taxation. The main takeaway from it was that…
Voters vote with their feet.
The Illinois General Assembly and our Governor have now devised twenty new ways to take your money. The changes span three different bills totaling 2,029 pages. All three bills were passed in a single weekend which means that neither the legislators nor the taxpayers actually had time to read or debate these changes.
It is estimated that these new revenue sources will generate $4.6 Billion in new revenues for the state. They include new or increased taxes and fees on…
– Recreational Cannabis
– Managed Health Care Insurance
– A New Sales Tax on Remote Retailers (Internet)
– Doubling The Motor Fuel Tax
– A $50 Increase in Vehicle Registration Fee
– A $100 Increase in Trucking Registration Fee
– A $237.50 Increase in Electric Vehicle Registration Fee
– License for Gambling Expansion
– A $1 per pack increase on Cigarette Taxes
– An Increased Tax on Video Gaming
– An Increase in the Parking Garage Tax
There are many more. I just picked out the most relevant additional taxes on the general population. These are not just taxes on wealthier individuals or larger businesses. These encompass taxes primarily on the poor and middle class of our state. This is of course happening inside a pandemic when they are closing down our businesses and creating an environment where many others will be unable to remain open.
And no one is talking about this.
We live in a state where our population is declining. Between 2018 and 2019, our population shrank by 51,250 residents according to the Illinois Policy Institute. Does anyone actually wonder why this is occurring?
Voters vote with their feet.
Meanwhile, back at the ranch…
The first of the PPP Loan Recipients have either finished or are nearing the initial eight week forgiveness period of the loan. I’m getting a lot of frantic calls about how to fill out the forgiveness application.
If you would like for us to prepare your PPP Loan Forgiveness Package, then please go to this web page and push the Sign Up Now Button.
Let me leave you with this one thought…
The proposed Progressive Income Tax Bill which requires voter approval will be on the November 20th Ballot. It has been sold to the general population as a tax decrease for 97% of the population.
But here’s the problem. Once you add in the other 20 increases in fees and taxes that they have already approved without discussion, it is an overall tax increase on everyone.
If we are ever going to stop the exodus from our state, we are going to need to do something about over taxation. Please be sure to make your voice heard in November.
Accounting Solutions Ltd. stands ready to complete its mission and purpose to protect you, your family, and your business. If there is anything that you need, whether you are a current client or not, we stand ready to help. I’m here and I remain,
Accounting Solutions Ltd.
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