Senate Bill 1719 would impose a 20 percent surcharge on fees earned by investment managers, but the spring legislative session ended with the Illinois House failing to call the measure for a vote.
IRS data show the average income of taxpayers leaving Illinois surpassed the average income of taxpayers entering the state by $20,000 in 2014, a record loss for Illinois in the wake of the 2011 income-tax hike.
A recent Gallup poll found residents in states with higher tax burdens are more likely to want to move. Illinoisans are the third-most-likely to say they would prefer to move permanently to another state.
Instead of spending reform and policies to promote economic growth, Illinois House Speaker Mike Madigan proposes the same high-taxing, big-spending plans that got Illinois into its current fiscal mess.
Illinoisans handed over a larger portion of their earnings to state and local governments than did taxpayers in 45 lower-tax states in fiscal year 2012, according to a new Tax Foundation study.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.