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.
Illinois residents pay more of their income toward state and local taxes than any other state’s residents. A progressive income tax proposal on the ballot in November would raise the state’s total tax burden by $3.7 billion.
Property taxes in Illinois are nearly double the national average. Until state lawmakers trim down thousands of local governments and pursue pension reform, those bills wills remain high.
Only Mississippi has fared worse than Illinois in personal income growth since the Great Recession hit at the end of 2007. Analysis shows state income taxes matter.
New data shows Illinois since 2010 lost up to $32 billion in income from people moving out. Gov. J.B. Pritzker’s graduated income tax plan would hike rates on residents most likely to leave the state, on net.
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.