Vote Yes for Fairness misled Illinois voters by running ads based on a fake Twitter account. Gov. J.B. Pritzker almost single-handedly is funding the group.
Illinois would have lost an additional 10,577 seniors from 2012 to 2018 if outmigration were as severe as in Connecticut, the last state to enact a progressive income tax.
A credit rating agency found Gov. J.B. Pritzker’s ‘fair tax’ would fail to close the state’s deficit or adequately fund essential services.
Combined state and federal income taxes would have small businesses pay more than 50% of their top-end income in taxes.
Taxing retirement income is not a new idea to Illinois politicians, but denying they want to tax seniors is new since that part of the “fair tax” plan slipped out.
“The real damage is going to be farther down the road. How could there not be further tax hikes down the road, when you look at how deep the state is in the hole already?”
Evidence from Connecticut suggests the progressive income tax could cost Illinois homeowners substantial equity in their homes.
The lawsuit challenges the language that will appear on the Nov. 3 ballot asking whether voters want to scrap Illinois’ constitutional flat tax guarantee – opening the door to a retirement tax.
Within 20 years the portion of Illinoisans hit with the progressive tax hike would grow by over 150% if the rate of inflation mirrored the past two decades.
Illinois allows you to register and vote on Election Day, which this year gives you a voice on your income taxes.
If the Illinois Constitution is amended to allow different income tax rates, expect cities to try to impose their own income taxes.
Illinois’ tax code already protects the poor and middle class from paying as high a rate as billionaires, meaning the ‘fair tax’ is really about lawmaker taxing power.
Lawmakers scrapped any requirement that the progressive income tax be ‘fair,’ giving Springfield a blank check when it comes to taxing income.
Pushing a $3.7 billion tax hike to people who can’t vote in Illinois is an unusual way to spend some of Pritzker’s $56.5 million donation.