Governor Pritzker wants to stop Illinois’ slide into financial oblivion, which requires dramatic changes! He proposes to “replace Illinois’ 4.95 percent flat income tax with a graduated tax that levies higher rates on higher incomes, an approach used by 33 states and the federal government”. Implementing such a tax in Illinois would require a constitutional amendment, which Pritzker and Democrats could possibly get through the Legislature and on the 2020 ballot for voter’s consideration. Pritzker’s proposed budget includes revenue from legalizing marijuana and sports betting, and includes extending the state’s pension payment ramp by 7 years, which hopefully will not pass. The pension funding crisis was caused by unwise decisions by legislators for decades. “All money raised by a tax increase should be sealed off in a special fund for the sole benefit of state pension plans, and the tax increase should be temporary, lasting until the plans reach actuarially-required funding levels. Individuals and businesses might accept a temporary increase to provide certainty and stability” for their future plans in Illinois. (Quote: Joe Cahill on Crain’s Chicago Business forum.)
Trish Forsyth Voss
Mar 3 2019
Governor Pritzker’s proposed progressive income tax for Illinois
Governor Pritzker wants to stop Illinois’ slide into financial oblivion, which requires dramatic changes! He proposes to “replace Illinois’ 4.95 percent flat income tax with a graduated tax that levies higher rates on higher incomes, an approach used by 33 states and the federal government”. Implementing such a tax in Illinois would require a constitutional amendment, which Pritzker and Democrats could possibly get through the Legislature and on the 2020 ballot for voter’s consideration. Pritzker’s proposed budget includes revenue from legalizing marijuana and sports betting, and includes extending the state’s pension payment ramp by 7 years, which hopefully will not pass. The pension funding crisis was caused by unwise decisions by legislators for decades. “All money raised by a tax increase should be sealed off in a special fund for the sole benefit of state pension plans, and the tax increase should be temporary, lasting until the plans reach actuarially-required funding levels. Individuals and businesses might accept a temporary increase to provide certainty and stability” for their future plans in Illinois. (Quote: Joe Cahill on Crain’s Chicago Business forum.)
Trish Forsyth Voss
By spiritspeak • Community Roundtable 0