Illinois Running Out of Time to Put Millionaires Tax on Ballot – Bloomberg Tax

The Illinois Economic Policy Institute estimated a 3 percent surtax on millionaires would affect 41,000 taxpayers in the state and generate $3.8 billion during its first year. That total would ramp up to $4.2 billion by 2030. The House Revenue and Finance Committee approved the resolution April 21, but it failed to get a vote in the full chamber. There is no similar proposal in the Senate.
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Deb
1 month ago

Middle class taxpayers leaving in droves isn’t a clear signal to cut spending, not raise taxes? Now the millionaires will leave. Is IL going to tax Pritzker’s off sure accounts? He Les a billionaire living in IL.

Morefandave
1 month ago

And how many of those 41,000 will still be here and taxable in 2030? You don’t have to kill the goose to stop getting the golden eggs; chasing them away has the same effect. Then all that are left are us ordinary geese to pay even more taxes.

The Railroader
1 month ago

No, Pat. The voters are not in favor of more taxes. They are in favor of spending cuts. This, of course, is true in well-run states, but not so much in parts of gerrymandered Illinois where leftist political animals run roughshod over the ones stuck with the ever larger tab run up by those same political animals. Useless Media member Michael J. Bologna is full of baloney in this love letter to Illinois leftists, specifically with his imprudent quotation of the left’s Bobby Bruno who was paid to create yet another rosy projection of the extra confiscated taxpayer funds expected… Read more »

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