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Under legislation filed by state Sen. Rob Martwick, a Northwest Side Democrat, tax rates on low-income single filers would be cut to as low as 4%, well under the state’s current 4.95% flat rate and the 4.75% rate the governor proposed. The tax rate wouldn’t even hit the 4.75% mark until a person's annual income tops $100,000. At the opposite end, rates would max out at 6.95% on annual income above $500,000 for individuals and $1 million for couples who file jointly
Summary and audio linked here.
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.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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The powers that be do not care what the people want and have clearly demonstrated in their votes. They really do look at us all as servants to the state.
Even at the “low” end this proposal nearly ties Michigan’s flat rate of 4.25% for everybody.
Follow the money and it is going to fund overly generous pensions. The people receiving the money are doing irreparable harm to the taxpayer. If they want to give it back to the taxpayer, then that would be a different story. They have managed to kill the golden goose. Very stupid thing to do. People are fleeing the state because of it. This is a fact of life.
What part of NO from Illinois voters do Democrats not understand
It’s not NO. It’s no for now. Eventually as flat taxes increase, the appeal of sticking it to the other guy will incentivize enough people to support it.
Robert Martwick is the most weaselly snake state senator in Illinois. I’ve met him several times and he makes your skin crawl. This vermin must be voted out in 2026.
Chase the rich and the business out of the state as fast as possible. Good luck with that Illinois. Raise taxes and more people move out. Ken Griffen took $200,000,000 per year out the state for good. That is in the billions when added up. PPF wants to destroy Illinois for his own personal gain. PPF and the likes have driven Millions of people out of Illinois. The numbers are growing exponentially. Illinois is broke and it is only going to get much worse.
I don’t think PPF wants to destroy the State but as he or she points out the State will destroy itself because of the mess it, the State, has gotten itself into by the political leaders elected by a combination of the voters and the ones that don’t vote. That I totally agree with.
Doubt anything will happen this time but rest assured they will continue along this path until they eventually get it. Just a matter of time.
I hope you are a lot younger than I am because that ain’t gonna happen in my lifetime.
If it doesn’t happen within the next 10 years it’s only because Illinois is collecting more revenue than expected and it didn’t initiate any new spending initiatives. How likely is that? Illinois wants to spend more money and they will come back and try as many times as necessary.
For your own sake, I hope you live to see the day. While not immediate, it’s sooner than you think. I’m thinking after JB leaves office.
The trend nationally is away from the flat tax.
The trend in Illinois is more spending and more taxes. The voters don’t seem bothered by this. I hope it remains flat but don’t think that will be possible.