While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.View Report
Despite finding favor among some politicians and political candidates in Illinois, states with a progressive income tax are more vulnerable during recessions than flat-tax states.
Millions in property tax refunds will go out to Cook County homeowners as early as Aug. 15.
A majority of House lawmakers sided with the speaker over tapped-out taxpayers.
When people can’t find good job opportunities in Illinois, they are too often forced to leave. And to take their place, too few have enough confidence in the state to move in from elsewhere and build a future.
State Rep. Jerry Costello, D-Smithton, has joined the fight against a progressive tax hike in Illinois.
Protecting taxpayers by ensuring they’re getting a state government they can afford? That’s friendly.
Instead of pushing for further tax hikes on tapped-out taxpayers, lawmakers should rally behind a bipartisan effort to limit state spending.
Though some politicians claim a progressive income tax would only affect the rich, rates established under House Bill 3522 would raise income taxes on middle-class families.
The $3.6 billion tax hike would cost the typical Illinois family $665 in additional income taxes.
A new resolution would put lawmakers on the record for supporting or opposing a tax structure that would likely lead to massive tax hikes on Illinois' middle class.