Retirement tax could be next if ‘fair tax’ passes, Moody’s says

By Adam Schuster

10/22/2020

The credit rating agency also said Illinois will soon pass the point of no return on public pension debt. It warned against schemes to stretch or delay pension payments.

TAGS: credit rating, fair tax, pensions, retirement tax

Three members of ‘Team Pritzker’ have backed retirement tax

By Ben Szalinski

10/20/2020

Multiple members of the governor’s inner circle have publicly backed retirement taxes, even though Pritzker now denies he will use his “fair tax” on the state’s seniors.

TAGS: fair tax, JB Pritzker, retirement tax

If ‘fair tax’ passes, expect more seniors to leave Illinois looking to avoid retirement tax

By Adam Schuster, Bryce Hill

10/09/2020

Illinois would have lost an additional 10,577 seniors from 2012 to 2018 if outmigration were as severe as in Connecticut, the last state to enact a progressive income tax.

TAGS: fair tax, JB Pritzker, retirement tax

Pritzker revenue director sponsored bill to tax retirement income

By Ben Szalinski

10/07/2020

Taxing retirement income is not a new idea to Illinois politicians, but denying they want to tax seniors is new since that part of the “fair tax” plan slipped out.

TAGS: fair tax, JB Pritzker, retirement tax

Retiree tax, double tax, city tax all likely with Pritzker’s ‘fair tax’

By Ben Szalinski

07/13/2020

Illinois politicians are already talking about taxing retirees, adding “surcharges” and city income taxes if they can convince voters to abandon the Illinois Constitution’s flat tax protection and give lawmakers greater taxing power.

TAGS: fair tax, farms, JB Pritzker, marriage penalty, progressive income tax, retirement tax

If Illinois passes progressive income tax, retirement tax comes next

By Austin Berg

07/03/2020

Passing the progressive tax would empower state lawmakers to go after seniors’ retirement income.

TAGS: fair tax, retirement tax

Every state with a progressive tax also taxes retirement income

By Ben Szalinski

07/02/2020

Illinois could be the next state to tax retirement income if voters approve the progressive income tax in November.

TAGS: progressive tax, retirement tax

Illinois treasurer says ‘fair tax’ makes retirement tax more likely

By Ben Szalinski, Adam Schuster

06/24/2020

Illinois Treasurer Michael Frerichs said a progressive state income tax will open the door to taxing retirement income.

TAGS: pensions, progressive income tax, retirement tax

‘Fair tax’ paves the way to taxing retirement income in Illinois

By Adam Schuster

04/15/2020

By granting broad new taxing authority to Springfield, the progressive income tax amendment makes a retirement income tax much more likely – a fact some supporters have acknowledged publicly.

TAGS: fair tax, outmigration, progressive income tax, retirement tax