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| Economy |
| Illinois Seeks 20 Percent 'Privilege Tax' on Financial Advisers |
| 2017-06-01 |
| [PJ] The word "privilege" is starting to cause a visceral reaction in me. Class warfare is alive and well, legalizing theft is an increasingly popular idea, and criminalizing expertise is called "progressive." The state of Illinois is considering a whopping 20 percent "privilege tax" on financial advice: The Illinois bill would put a 20% levy on fees earned by investment advisers. It passed the state Senate in a 32-24 vote Tuesday, and backers are hoping to get it through the House before the legislative session ends May 31. The new tax is pitched as a way to squeeze more revenue -- as much as $1.7 billion a year -- from hedge funds and private-equity firms, which purportedly get off easy on their federal taxes because of the "carried interest loophole." But under the current version of the bill, Illinois would keep collecting the privilege tax even if Congress were to cease taxing carried interest at the lower capital-gains rate. |
| Posted by:Besoeker |
| #7 They won't collect a dime of that tax. In the event they're dumb enough to pass this tax, every IL financial advisor moves elsewhere the next day. |
| Posted by: Raj 2017-06-01 11:05 |
| #6 Now the Left seeks to establish the Frankfurt School of Finance. How Soros of them. |
| Posted by: Rex Mundi 2017-06-01 08:51 |
| #5 When druggies break into a house to steal to feed their habit it's evil. When pols do the same thing, its under the guise of law. It's still stealing. Their habits (spend, spend, spend!) are just different. |
| Posted by: Procopius2k 2017-06-01 08:23 |
| #4 Camel's nose under the tent. First the Financial Advisor, then their 'privileged' customers and 401K's. You didn't earn, save, and suffer the risk of investing those dollars. The government permitted you do do that. [sarc off] |
| Posted by: Besoeker 2017-06-01 08:15 |
| #3 Um, from whom are they collecting it? FAs are a flexible group and phones are pretty universal. After all, how much is a phone call to NY? |
| Posted by: AlanC 2017-06-01 08:07 |
| #2 ^ (D) |
| Posted by: Frank G 2017-06-01 07:11 |
| #1 I'm sure there will be exceptions. |
| Posted by: g(r)omgoru 2017-06-01 04:01 |