Not only would a progressive income tax hike end up taking more money directly from all taxpayers’ pockets, but it would also have negative economic effects on jobs growth, after-tax income adjusted for cost of living, and overall economic output.View Report
New Census data reveal that for the first time on record, all 10 metro areas based primarily in Illinois experienced population decline.
With Illinoisans increasingly likely to move, Pritzker’s tax plan would send more moving vans toward the state line, and hit the gas.
Senate lawmakers chose to delay voting on an amendment that would allow Illinois’ income tax structure to go from flat to progressive.
Polling of likely voters shows why some Democratic Illinois House members could regret voting for the governor’s graduated income tax.
Illinois Gov. J.B. Pritzker’s amendment would allow Illinois to impose an effective corporate income tax rate of up to 15.22% – the nation’s highest by far.
Ultimately, the state’s spending and debt habits mean Pritzker’s plan will be a bridge to higher taxes for the middle class. Pritzker and state lawmakers should instead pursue sensible spending reforms that don’t require declaring open season on Illinois taxpayers.
Illinois Gov. J.B. Pritzker is pushing a progressive state income tax without delivering the numbers to prove his promises. The numbers available from other states make it clear a progressive tax will hurt Illinois’ economy.
Despite already shouldering one of the nation’s highest total tax burdens, middle-class Illinoisans would be exposed to extra income taxes under language proposed by Gov. J.B. Pritzker.
The Senate Executive Committee voted on an amendment scrapping Illinois’ constitutional flat income tax protection. But lawmakers have yet to introduce a bill outlining what the rates would be.
While the governor has touted his plan as a way to stabilize state tax revenues, it would actually do the opposite.