Dec
19
Council Approves New Tax
Filed Under COIT, Income Tax, Lake County, Lake County Council, Ted Bilski, Thomas O'Donnell, taxes | Leave a Comment
The Lake County council approved a Lake County income tax in a 5-1 vote, the Northwest Indiana Times reports. Ted Bilski voted in favor. Tom O’Donnell was absent, according to the news report.
In a 5-1 vote today, the Lake County Council voted in an income tax. But unlike other plans discussed, this one would only give the property-tax relief generated by the income tax to the owners of single-family homes, not business owners or landlords.
Dec
18
Get Ready For A New Tax
Filed Under COIT, Income Tax, Lake County, Lake County Council, Ted Bilski, property tax crisis, tax revolt, taxes | Leave a Comment
Opposition to the Lake County income tax is faltering in the Lake County Council, reports the Northwest Indiana Times.
Councilman Ted Bilski said Monday he could reluctantly vote for an income tax that is “100 percent” used to reduce the property taxes of homeowners. The council has scheduled a vote on the tax for 4 p.m. today.
Buzzcut at Blue County in a Red State already predicts that Thomas O’Donnell will change his vote so that a predicted veto by the Lake County Commissioners should a Lake County income tax pass the Council can be overridden.
If residential property taxes are capped at 1% per Governor Mitch Daniel’s plan and we have a 1% Lake County income tax, I’ll come out ahead as opposed to paying 2% at the current residential property tax cap.
Questions to think about:
What happens if residential property taxes aren’t reduced to 1% and we add on another 1% income tax obligation? Last summer, 13,000 properties went on the tax sale list. How many Lake County home owners will be on the list if property taxes aren’t cut, but take home pay is reduced because of a new tax?
What happens if the worst happens and the Lake County income tax ends up being 4.5% at some point because spending is not brought under control and the state cuts the funding it sends to Lake County?
Would it be better to say no to a new tax until residential property taxes are capped at 1%?
Dec
17
Lake County Income Tax Vote Is Tomorrow
Filed Under COIT, Income Tax, Lake County, Lake County Council | Leave a Comment
The Lake County Council votes on whether to approve a Lake County income tax tomorrow.
I predict sometime in 2009 I’ll be filling in the line to deduct my Lake County income tax on my Federal tax return schedules.
