Replies to post #313490 on Tornado Alley (PROG)

[Porgie Tirebiter]

The need to "flatten the discrepancies" is nowhere more apparent than in the capital expenditure portion of Illinois' shiny new regressive tax bill. It makes a perfect case in point:

http://www.ilga.gov/legislation/101/HB/PDF/10100HB0062sam001.pdf

Section 1. It is the intent of the State that all or a portion of the costs of projects funded by appropriations made in this Act from the Capital Development Fund, the School Construction Fund, the Anti-Pollution Fund, the Transportation Bond Series A Fund, the Transportation Bond Series B Fund, the Coal Development Fund, the Transportation Bond Series D Fund, Multi-Modal Transportation Bond Fund, and the Build Illinois Bond Fund will be paid or reimbursed from the proceeds of tax-exempt bonds subsequently issued by the State.

They can't even wait for the new revenue to roll in before they begin spending it. While we don't know the yield until they're sold, Illinois bonds are some of the highest yielding out of all the states in the U.S.

And the tax exempt status of those bonds is another kick in the teeth for the taxpayers, as the people making the money off the taxpayer's backs don't even have to pay tax on it!!