Nickel-and-Diming Democrats – Editorial – Wall Street Journal

New Gov. J.B. Pritzker’s plan? Refinance the pension debt and tax plastic bags, marijuana and sports betting, which will supposedly cover the shortfall until voters approve a referendum next year replacing the state’s flat 4.95% income tax with a progressive tax. Mr. Pritzker says a progressive tax will spare the middle class, though there may be a reason he hasn’t proposed a specific higher rate. Research outfit Wirepoints calculates that the top rate would have to rise to 11.2% on millionaires and at least 8.5% on everyone earning more than $50,000 to finance Mr. Pritzker’s spending proposals. The progressive model is California, where individuals earning more than $56,000 pay a top marginal rate of 9.3%

SIGN UP HERE FOR FREE WIREPOINTS DAILY NEWSLETTER

Home Page Signup
First
Last
Check what you would like to receive:

FOLLOW US

 

WIREPOINTS ORIGINAL STORIES

WE’RE A NONPROFIT AND YOUR CONTRIBUTIONS ARE DEDUCTIBLE.

SEARCH ALL HISTORY

CONTACT / TERMS OF USE