Progressive tax proposals by Illinois Democrats would punish those in Illinois’ middle class who earn $50,000 or more and make the state even less competitive with its neighbors.
Politicians’ quick answer to the state’s problems is consistently to raise taxes, but evidence shows tax hikes are a negative for families struggling in a state already lacking opportunity.
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.
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.