States with a progressive income tax see greater income inequality, and have seen income inequality rise faster than states without a progressive income tax.
State Rep. Emanuel "Chris" Welch has proposed a measure that would increase by 400 percent the personal property replacement tax imposed on partnerships, LLCs and other types of businesses.
Even after a 32 percent income tax hike, the Illinois General Assembly passed a state budget in 2017 that will generate an estimated $1.5 billion deficit in fiscal year 2018. That deficit is projected to grow to $2.15 billion in fiscal year 2019, according to the Governor’s Office of Management and Budget, or GOMB. The...
Spending has consistently outpaced state tax revenues in Illinois for more than a decade. To avoid future tax hikes, Illinois must impose real fiscal discipline on state lawmakers.