Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
Income taxes rose 32% for individuals and 33% for corporations in 2017, raising Illinois’ total tax burden to at least sixth highest from 10th highest. More than $1.2 billion went to pensions and debt.
Passing the progressive tax would empower state lawmakers to go after seniors’ retirement income.
In more than half of progressive tax states, the middle class pays the maximum state income tax rate.
By granting broad new taxing authority to Springfield, the progressive income tax amendment makes a retirement income tax much more likely – a fact some supporters have acknowledged publicly.
State lawmakers in 2019 passed a progressive income tax amendment at the behest of Gov. J.B. Pritzker. Now that coronavirus has ravaged the state’s small business community, they should withdraw the amendment.
Three points stick out in recently released numbers: First, J.B. Pritzker is not a popular governor. Second, pollsters need to get real about the “fair tax” fantasy. And third, pension reform draws a diverse base of support, except at the Statehouse
Property taxes in Illinois are nearly double the national average. Until state lawmakers trim down thousands of local governments and pursue pension reform, those bills wills remain high.
Progressive income tax would essentially wipe out all 2019 employment gains in Illinois, and then some.
Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.
Other states show how a progressive income tax would likely make the Illinois exodus worse, pushing jobs and tax revenue out of Illinois.