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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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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