Illinois residents pay more of their income toward state and local taxes than any other state’s residents. A progressive income tax proposal on the ballot in November would raise the state’s total tax burden by $3.7 billion.
Illinois’ uneven recovery reflects national trends, but also raises important questions about the state’s economic future ahead of a key tax hike vote.
New data shows Illinois since 2010 lost up to $32 billion in income from people moving out. Gov. J.B. Pritzker’s graduated income tax plan would hike rates on residents most likely to leave the state, on net.
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.