It’s usually a mistake to question House Speaker Michael Madigan’s political judgement, but that sure seems appropriate on this one. Below is a video Democrats are circulating to support a progressive income tax amendment. It uses the same theme as J.B. Pritzker, that “millionaires and billionaires” are the target.
My sense is that most voters at each end of the spectrum have this one figured out. You see it in comments most everywhere from the left and right. They know it’s just another tax increase that will hasten the exodus from Illinois. They also know Pritzker and Madigan haven’t put up the specifics on their new tax because they don’t want its reality exposed. They know it will morph far beyond millionaires and billionaires. “Put up or shut up” is what seems to be the common reaction. And does Madigan have credibility with anybody?
There just aren’t enough millionaires and billionaires to soak. We’ve written about that simple math often. If we try to make them shoulder a significant part of our problems or pay for the goodies they are promising — all without reforms — the taxes they would face become ridiculous. Or, if you try to make the increase look reasonable, the resulting revenue doesn’t help much, which is the case with the CTBA’s specific proposal earlier this week.
-Mark Glennon is founder and executive editor of Wirepoints.