Replacing Illinois’ fair, flat income tax with a progressive tax would mean that some married couples with both spouses working would pay more in state income taxes than if they remained single.
A progressive tax would give Illinois politicians carte blanche to raise rates, which would end up sticking middle-class taxpayers with rates originally intended for “the rich” – all while chasing still more residents and businesses out of the state.
The top 18 percent of Illinois taxpayers cover more than 60 percent of the state’s income taxes, and the state’s millionaires pay 15 percent of Illinois’ income taxes.
Thirty-nine Illinois state representatives have signed on to a resolution stating their opposition to the imposition of a state tax on retirement income as revenue plans circulate ahead of state budget negotiations in 2016.
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.