Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
The progressive tax amendment on the ballot Nov. 3 removes the constitutional prohibition on multiple taxation, in addition to removing the flat tax protection.
Pritzker has been pushing hard for a progressive income tax amendment as a way to generate $3.7 billion for state spending.
Illinois Treasurer Michael Frerichs said a progressive state income tax will open the door to taxing retirement income.
What to watch for as the Illinois General Assembly convenes for the first time in more than two months.
Removing the progressive tax question from the Nov. 3 ballot would give over 100,000 small businesses some certainty as they struggle to recover from the COVID-19 shutdown.
Small businesses face a potential income tax hike nearly 5 times larger than corporations under Gov. J.B. Pritzker’s “fair tax” amendment.
An Illinoisan making $12,400 a year would still pay nearly $1,800 in state and local taxes under the governor’s plan – a higher share of their income than residents of all but two states.
Only Gov. J.B. Pritzker’s progressive income tax amendment will appear on the ballot in November. Voters were denied a chance to make critical reforms to state government.
During the thick of the COVID-19 pandemic, the Illinois Farm Bureau twice made it a priority to tell members to oppose Gov. J.B. Pritzker’s progressive income tax hike. Their opposition is about values and principles.
Farmers have always proven resilient and ultimately will survive the virus and anything state government lobs at them.