Dec
1
I’m More Of A Generalist So I’m Glad Someone’s Crunching The Numbers
Filed Under COIT, Income Tax, Lake County
I’m more of a generalist and always like to avoid heavy number crunching, so it is good to see that Buzzcut at Blue County in a Red State is looking at all of the tax numbers involved in Lake County’s current and coming tax crisis.
Writes Buzz:
Even under current law, my back of the envelope calculation is that Lake County would not only need a COIT, it would have to raise it from 1% to 3.6% to make up that revenue!
These are insane numbers. Did I mention the word inane?
I wonder if anyone has looked at what happens to Lake County’s businesses when taxpayers have less disposable income in their paychecks.
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Have no fear. I love crunching numbers.
The latest estimate of how much the 1% COIT will raise is $78M. So if you need to raise $366M with a COIT, the rate needs to be roughly 4.7%.
That’s on top of the states 3.4% rate. So we’d have an income tax of 8.1%.
That’s a receipe for economic disaster. There are states with income taxes that high, but they’re progressive taxes, not flat taxes like in Indiana. This hits the first dollar that a worker makes. This would be very bad for the working poor.
Hi Buzz,
I’m glad someone’s running the numbers for everyone — including me — who are numerically challenged. I’d rather find out what the bite will be before, rather than having the HR department show me by on the line item deduction for the Lake County income tax on my pay stub.
I wonder if people are making sure to let their Lake County council members and commissioners know their displeasure.