While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.View Report
At least one lawmaker is attempting to avoid responsibility for one of the most important policy issues in the state.
Taxpayers across Illinois oppose a progressive tax but many state lawmakers still refuse to stand up against House Speaker Mike Madigan’s progressive tax push.
A new report would have Illinoisans believe that a progressive income tax means tax cuts and economic growth. Illinois lawmakers’ tax-and-spend tendencies and evidence from all 50 states say otherwise.
State Rep. Jerry Costello, D-Smithton, has joined the fight against a progressive tax hike in Illinois.
Fifty lawmakers are taking a pledge to fight a progressive income tax in Illinois, denying progressive tax proponents the support needed to put a constitutional amendment on the ballot.
An income tax hike to 5 percent makes a call for a progressive tax system during the 2018 gubernatorial race a much easier sell.
High-income earners provide the majority of Illinois’ income tax revenue, and IRS data show that Illinois is losing these taxpayers to out-migration.
Illinois lawmakers can learn valuable lessons from states that have protected essential government services from swings in the economy.
The Illinois Department of Revenue has projected losses of 20,000 private-sector jobs, 43,000 residents to other states on net, and $1.9 billion in GDP in the first four years of a progressive tax.
Lang’s progressive-tax proposal would hit successful small businesses, which account for 72 percent of all small-business income in Illinois.