Chi Trib home run editorial tells us about taxes

State and local, that is.

Because of high property and sales taxes here, the nonpartisan Tax Foundation routinely ranks Illinois as imposing among the highest total state and local tax burdens nationwide. (The rankings always lag, but in the most recent, fiscal 2012, Illinois was fifth-highest.)

And the next politician who proposes raising taxes here will get an earful from taxpayers who realize that they alone will be stuck with the full impact. If they’re already paying $10,000 in property and income taxes, no politician can win their approval with that sweet promise of a fat federal deduction.

Which is because the new U.S. tax code says don’t even think about deducting those state and local taxes (SALT) above $10G — such as the Oak Park homeowner couple with a $22G annual bill on their house.,

No more fobbing that off on the other 49 states, as the Trib says, and quite a bit more heat on Illinois pols. Which some of us consider a very good thing.

Post a comment or leave a trackback: Trackback URL.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: