Voters statewide will decide whether nearly 2,300 southern Naperville and Aurora taxpayers should send $30 million in additional income taxes to Springfield.
Gov. J.B. Pritzker’s “fair tax” plan falls far short of the revenue needed to pay for his spending promises – feeding fears of future tax hikes on middle-class families.
The elections scheduled for November 2020 are already injecting uncertainty into the economy, and the progressive income tax ballot question will make matters worse.
The Illinois General Assembly and governor devised 20 different ways to take more money from taxpayers to finance spending on government operations and infrastructure.
Contrary to claims from both Republicans and Democrats, and despite raising nearly $1.1 billion in new taxes and fees for operations, the fiscal year 2020 budget is out of balance by between $574 million and $1.3 billion.
An amendment that would allow lawmakers to scrap Illinois’ constitutionally protected flat income tax and replace it with graduated tax rates will appear as a referendum question on voters’ 2020 ballots.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.