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.
Small businesses are the engine of Illinois’ economy. But those responsible for creating nearly two-thirds of Illinois’ jobs in 2017 would get hit under the progressive income tax plan just released by Gov. J.B. Pritzker.
Most business is mobile. Most of Illinois is close to another state. Add a progressive state income tax and watch businesses such as Piasa Motor Fuels cross the bridge to Missouri.
Illinois Gov. J.B. Pritzker claims his progressive income tax will only affect the rich. But Illinoisans making as little as $26,100 would see an income tax hike under rates Pritzker cited in his budget address.
Gov. J.B. Pritzker claims his progressive income tax will only affect the rich. But Illinoisans making as little as $26,100 would see an income tax hike under rates Pritzker cited in his budget address.
While progressive tax proponents champion the measure as a “tax on the rich,” middle-income families in Rock Island County could see a tax hike under the income tax models praised by Illinois Gov. Pritzker.