Illinois House speaker pushing for new millionaire tax with looming $2.2B budget deficit – ABC7 (Chicago)

"In the veto session, passing that transit reform bill was historic. If that's not an affordability bill, I don't know what is," House Speaker Emanuel "Chris" Welch said. "I have been a very big believer that the wealthy should pay more, that they should pay their fair share, and I think a surcharge tax on millionaires is an easy way to do it."
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9mm
4 months ago

Sounds like modifying the estate tax exemption is off the table. There goes the farm.

David F
4 months ago

Millionaires already pay more.
If Illinois wants more revenue they need a 10% service fee for a pension paid to a out of state retiree.
Reaping the benefits of Illinois and not contributing back by living here.

Tommy Paine
4 months ago
Reply to  David F

That would be illegal. What they should do is tax the retirement benefits for those that still live here.

mqyl
4 months ago

“I have been a very big believer that the wealthy should pay more, that they should pay their fair share, and I think a surcharge tax on millionaires is an easy way to do it.”

This would’ve been a more meaningful quote from “Chris”: “I have been a very big believer that the wealthy should pay more, that they should pay their fair share, and I think a surcharge tax on millionaires is an easy way to accelerate the exodus of the wealthy from Illinois.”

Deb
4 months ago

Pritzker should also pay taxes on his overseas accounts.

Leaving Soon, just not soon enough
4 months ago

Almost any teacher who retires has a PV pension worth over $1,000,000 (some over $2,000,000 plus) and the reason for the deficit.

daskoterzar
4 months ago

Yep, but they are a protected special species, it is only those who actually built businesses and their own wealth that these blood suckers want to tax. That “pay their fair share” statement is ridiculous, who determined what percentage of tax is fair? The political morons in Springfield? Good God.

the doctor
4 months ago

After my dad died, my mom married a former teacher who had retired at age 60. When he died, my mom became a millionaire. ( I guess that occurred sometime while they were married) She now also gets 1/2 of his pension with 3% annual increases.

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