Illinois Could Raise EV Registration Fee To $1,000, Hike Gas Tax

[Swordsmyth]

A bill at the Illinois legislature proposes to raise the annual registration fee for electric vehicles (EV) from US$17.50 to US$1,000 and to more than double the gas tax from 19 cents to 44 cents per gallon, under a plan to fund infrastructure advanced by Democrat State Senator Martin Sandoval.
According to the bill (http://www.ilga.gov/legislation/101/HB/10100HB3233sam001.htm), introduced at the Illinois General Assembly, owners of fully electric vehicles “shall register the vehicle for a fee of $1,000 for a one-year registration period,” under the proposal that strikes out the current “In no event may the registration fee for electric vehicles exceed $18 per registration year.”
The bill also proposes to increase significantly the gas tax in the state, as well as the license fees.
The proponent of the bill, Martin Sandoval, argues that this is a plan to raise funding for much needed infrastructure improvements in the state, while EV owners and gasoline car owners alike are unhappy with the proposed legislation, for different reasons.
“We haven’t updated our gas tax since 1990. We haven’t had a capital bill in over 10 years. It’s time to modernize our transportation funding formula to make it sustainable and consistent,” says (https://twitter.com/SenatorSandoval/status/1126630490801307648) Sandoval, adding (https://twitter.com/SenatorSandoval/status/1126645581554827265) that “Our transportation system has been underfunded for far too long. We’ve been kicking this can down the road for decades and it’s time for us to finally step up and find a solution.”

More at: https://oilprice.com/Latest-Energy-News/World-News/Illinois-Could-Raise-EV-Registration-Fee-To-1000-Hike-Gas-Tax.html

[Anti Federalist]

Good.

I hope they double that amount.

[oyarde]

Illinois should tax vehicles at 12K a year like a house .LOL , douchebags .

[Anti Globalist]

Such a backwards state.

[Pauls' Revere]

and I thought CA was bad.

[Brian4Liberty]

Maybe they should end their graft, corruption, cronyism and waste before raising taxes? Of course that corruption and waste allowed the infrastructure to rot in the first place.

[Danke]

Maybe they should end their graft, corruption, cronyism and waste before raising taxes? Of course that corruption and waste allowed the infrastructure to rot in the first place.


6440

[Anti Federalist]

6440

https://media.breitbart.com/media/2019/05/PETE.jpg

[timosman]

https://www.youtube.com/watch?v=ARDhJ2dpuYU

[Swordsmyth]

Cash-strapped Illinois is one step closer to passing a new income tax with the potential to seriously accelerate the exodus of high-earning taxpayers (https://www.chicagotribune.com/opinion/editorials/ct-edit-exodus-illinois-taxes-new-york-cuomo-20190205-story.html) from the most financially dysfunctional state in America.
Lawmakers in the Illinois House of Representatives on Monday approved a constitutional amendment aiming to get rid of the state's flat income tax, clearing the way for the amendment to be included on the November 2020 ballot for ratification by the voters. Governor JB Pritzker is widely expected to sign it the amendment, which has already been passed by the State Senate.
According to the Democrats who backed it, the tax will help fix the state's recurring deficits by creating a sorely needed new revenue source: The higher taxes on those earning more than $250,000 would raise more than $3 billion annually while leaving taxes on 97% of the state's residents unchanged.
There's no question that more revenue (or, perhaps, less spending) is badly needed. Chronic budget shortfalls, drastically underfunded pensions (to the tune of $134 billion) and $7 billion in unpaid bills have left Illinois' finances in terrible shape. Illinois' credit rating being pushed to one level above junk, the lowest in the country, Bloomberg (https://www.bloomberg.com/news/articles/2019-05-27/illinois-lawmakers-approve-progressive-tax-send-plan-to-voters) reports.


https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019.05.28jbpritzker.JPG
Pritzker, who took over from unpopular Republican Gov. Bruce Rauner in January, has tried to spin the tax as a "fair tax", while ignoring the state's Republicans, who have accused Democrats of refusing to accept responsibility for the state's dire fiscal situation, and instead seeking to tax their way out of the problem.
But anybody who thinks the new tax will make a meaningful difference in the state's finances is sadly mistaken.
As Mark Glennon of WirePoints (https://www.zerohedge.com/news/2019-04-11/every-illinoisan-must-see-these-two-charts) explained in a post published last month, the $3.4 billion in revenues expected to be raised by the new tax will cover barely one-third of the "hole" in the state's pension obligations.

Here’s the central message now being blasted across the state by proponents of a $3.4 billion state income tax increase on high earners: "Illinois is in a $3.2 billion financial hole. A Fair Tax could fix that and reverse the damage." That’s an epic lie. The "hole" isn’t $3.2 billion. It’s roughly a quarter of total revenue according to this work, which is consistent with our own numbers - about $10 billion - and that’s just at the state level. The new $3.4 billion will go down a nearly bottomless pit.
The follow chart shows just how dire Illinois' pension situation truly is.
https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019.05.28jpmillinois.jpg
And while the new taxes might make up for some of this shortfall, at least in the short term, once the new taxes start to bite, those wealthy residents saddled with the new tax will almost inevitably start looking for greener pastures - and sun-belt states like Arizona and Florida offer several advantages over chilly Illinois.



https://www.zerohedge.com/news/2019-05-28/illinois-pushes-new-wealth-tax-high-earners-flee-state-droves

[Danke]

Cash-strapped Illinois is one step closer to passing a new income tax with the potential to seriously accelerate the exodus of high-earning taxpayers (https://www.chicagotribune.com/opinion/editorials/ct-edit-exodus-illinois-taxes-new-york-cuomo-20190205-story.html) from the most financially dysfunctional state in America.
Lawmakers in the Illinois House of Representatives on Monday approved a constitutional amendment aiming to get rid of the state's flat income tax, clearing the way for the amendment to be included on the November 2020 ballot for ratification by the voters. Governor JB Pritzker is widely expected to sign it the amendment, which has already been passed by the State Senate.
According to the Democrats who backed it, the tax will help fix the state's recurring deficits by creating a sorely needed new revenue source: The higher taxes on those earning more than $250,000 would raise more than $3 billion annually while leaving taxes on 97% of the state's residents unchanged.
There's no question that more revenue (or, perhaps, less spending) is badly needed. Chronic budget shortfalls, drastically underfunded pensions (to the tune of $134 billion) and $7 billion in unpaid bills have left Illinois' finances in terrible shape. Illinois' credit rating being pushed to one level above junk, the lowest in the country, Bloomberg (https://www.bloomberg.com/news/articles/2019-05-27/illinois-lawmakers-approve-progressive-tax-send-plan-to-voters) reports.
https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019.05.28jbpritzker.JPG
Pritzker, who took over from unpopular Republican Gov. Bruce Rauner in January, has tried to spin the tax as a "fair tax", while ignoring the state's Republicans, who have accused Democrats of refusing to accept responsibility for the state's dire fiscal situation, and instead seeking to tax their way out of the problem.
But anybody who thinks the new tax will make a meaningful difference in the state's finances is sadly mistaken.
As Mark Glennon of WirePoints (https://www.zerohedge.com/news/2019-04-11/every-illinoisan-must-see-these-two-charts) explained in a post published last month, the $3.4 billion in revenues expected to be raised by the new tax will cover barely one-third of the "hole" in the state's pension obligations.
Here’s the central message now being blasted across the state by proponents of a $3.4 billion state income tax increase on high earners: "Illinois is in a $3.2 billion financial hole. A Fair Tax could fix that and reverse the damage." That’s an epic lie. The "hole" isn’t $3.2 billion. It’s roughly a quarter of total revenue according to this work, which is consistent with our own numbers - about $10 billion - and that’s just at the state level. The new $3.4 billion will go down a nearly bottomless pit.

The follow chart shows just how dire Illinois' pension situation truly is.
https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019.05.28jpmillinois.jpg
And while the new taxes might make up for some of this shortfall, at least in the short term, once the new taxes start to bite, those wealthy residents saddled with the new tax will almost inevitably start looking for greener pastures - and sun-belt states like Arizona and Florida offer several advantages over chilly Illinois.



https://www.zerohedge.com/news/2019-05-28/illinois-pushes-new-wealth-tax-high-earners-flee-state-droves

Another reason I commute to my job in Chicago...