Not only would a progressive income tax hike end up taking more money directly from all taxpayers’ pockets, but it would also have negative economic effects on jobs growth, after-tax income adjusted for cost of living, and overall economic output.View Report
Political promises aren’t much protection for middle class pocketbooks.
New IRS rules make clear that lowering the actual tax burden, not complicated workarounds, is the correct way to respond to tighter federal restrictions on SALT deductions.
House Bill 4237 seeks to get around Congress’ limitation of a federal deduction that benefits high-tax states, but residents would be better served by efforts to directly reduce state and local taxes in Illinois.
One change in federal tax code – and Illinois lawmakers’ response to it – could decide the economic trajectory of the state.