Ted was on Illinois Rising this week discussing the progressive income taxes and J.B. Pritzker’s refusal to put forth a specific progressive tax proposal.
The reason why is simple. Pritzker wants to spend billions of extra dollars. But he can’t get all that money from the rich, despite his promises. Instead, the money will come from Illinois’ struggling middle class.
Read more about how a progressive tax would hit Illinois’ middle class:
Yes, middle-income Illinoisans would get “socked” under Minnesota’s progressive tax scheme
A set of state lawmakers want to extend CPS’ current school closing moratorium to February 1, 2027 – the same year CPS is set to transition to a fully-elected school board. That means schools like Manley High School, with capacity for more than 1,000 students but enrollment of just 78, can’t be closed for anther three years. The school spends $45,000 per student, but just 2.4% of students read at grade level.
Hopefully, all media will get the message, in Illinois, too.
Ted joined Tom Miller of WJPF to talk about Illinois’ highest-in-the-nation property taxes, why lawmakers don’t want to touch the tax’s cost drivers, just how much Illinoisans’ tax burden has grown over the decades, why Gov. Pritzker failed to meet his promise to reform property taxes, and more.
The peak income years for most people is 55 to 65 as you’ve become more valuable to your company and your career has matured. They are also the people least tethered to the state for moving out, in fact moving is often planned for retirement. So a progressive tax will incentivize that group to just leave. The demographics of the state will then skew to retaining younger lower income people with kids, jobs etc who are tethered here. And retaking those in the lowest brackets. Add on a retirement income tax and even more people with good income will leave… Read more »
I’m in my late 30’s and me and a lot of neighbors and co-workers are sick of the taxes in the state. A lot of people are making the difficult decision to pullout and leave. I have 5 houses in my neighborhood for-sale and ALL of them are moving out of state AND taking large hits to sell. Oh how I wish I could get the wife on board to move over to IN while we figure out the long term plan.
” All actions on the revenue side to fix Illinois are futile now.”
This is the dirty secret that very few politicians will discuss. We’re on the back side of the Laffer Curve, and any further increases in tax rates will ultimately lower state and local revenue. Just the talk of higher tax rates has most of the people I know on edge.
Pritzker family is long time associated with gambling, usury, mob, avoiding taxes, toidy fraud, Superior Bank failure costing FDIC half billion dollars, In terms of progressive tax, it is against IL contstitution, would require a constitutional convention and repeal the progressive tax ban. Maybe this is just another empty talking point for him? Either way, nothing good will come from this guy. Thank you.
Too big to flush.
Duh