Progressive Tax

Progressive tax states lose people, income to flat and zero income tax states (6/16/20) – The nation’s seventeen flat and no income tax states won a net 1.9 million residents and $120 billion in Adjusted Gross Income (AGI) from progressive tax states during the 2000-2018 period.
If the wealthy flee, ordinary Illinoisans will be left holding the progressive tax bag (2/12/20) – At the rate Illinois is losing people, it wouldn’t take long at all for Pritzker’s progressive tax hike to bleed away Illinois’ million-plus earners. There just aren’t that many of them to begin with.
Don’t be fooled by claims that a progressive income tax for Illinois would mean property tax relief (1/27/20) – The progressive tax will reportedly bring in just $3.6 billion in new revenue, which would be swallowed immediately by the state’s billion-dollar budget deficit, pension costs and unpaid bills. That leaves nothing for property tax relief.
Illinois enacting a progressive tax is like Sears attempting a turnaround by hiking prices (12/17/19) – Imagine how ludicrous it would be if Sears announced a turnaround plan based on just one thing: price hikes. Such a strategy might sound absurd, but it’s precisely the approach politicians are pushing in Illinois.
Mission Impossible: Moody’s requirements for a “credit positive” progressive tax scheme in Illinois (5/9/19) – The agency’s requirements for a credit “positive” outcome for the tax are nearly impossible for Illinois to achieve. And if lawmakers fail to meet the agency’s requirements, the tax could even lead to more downgrades.
The myth of the progressive tax panacea: What you need to know (2/28/19) – Why Pritzker’s progressive tax rates aren’t credible.
Pritzker’s progressive tax push: A guide for the ordinary Illinoisan – Wirepoints Special Report (4/2/19) – The governor’s progressive tax numbers aren’t credible, nor is his offer of tax breaks for the middle class. Illinoisans might think they’ll get a deal, but in reality, they’re setting themselves up to take a hit.
Oh, the places they’ll go: The impact of Pritzker’s progressive tax on wealthy Illinoisans (3/10/19) – Oh, the places Illinois’ wealthy will go. Under the governor’s new plan, everyone with incomes above $250,000 will get hit with tax rates of 7.75 percent or more. That’s higher than the top tax rates in 44 other states.
4 reasons why Pritzker should abandon his progressive tax plan (2/18/19) – Newly-minted Illinois Gov. J.B. Pritzker boxed himself into a corner when he delivered his inaugural address. What he promised simply isn’t possible.
The progressive tax rates Pritzker didn’t address (1/15/19) – Illinoisans shouldn’t fall for Pritzker’s progressive tax push. The state is already too noncompetitive with its neighbors. It’s too much of an outlier on taxes. And it’s losing too many people.
What Pritzker’s progressive tax rates will probably look like – Wirepoints Special Report (10/26/18) – Based on the spending promises J.B. Pritzker made during his campaign, any realistic progressive tax rate structure will have to raise taxes on middle-income earners.

 

A progressive tax will worsen Illinois’ other crises

Higher taxes will shrink home values further

It’s not just property taxes Illinoisans should be worried about. It’s their home values, too. (7/30/19) – Politicians obviously don’t care about how much damage they’ve already inflicted on Illinoisans property values. A review of median home values across the nation found that Illinois ranked 45th in median home value growth between 2005 and 2017.
Report: Nine Illinois cities among top 50 national housing markets “turning ugly” (7/30/19) – Illinois homeowners: Is your city’s housing market is in danger of “turning ugly?” Peoria, Aurora, Elgin, Decatur, Joliet, Rockford, Champaign, Plainfield and Naperville are all in serious risk of trouble should a downturn occur.
New Data: Subpar Home Appreciation Has Cost Illinoisans a Quarter-Trillion Dollars Over Ten Years (7/1/19) – That’s $1.3 million for every mile from here to the Moon.

 

Higher taxes will worsen Illinoisans’ tax burden

Don’t be fooled by claims that a progressive income tax for Illinois would mean property tax relief (1/27/20) – The progressive tax will reportedly bring in just $3.6 billion in new revenue, which would be swallowed immediately by the state’s billion-dollar budget deficit, pension costs and unpaid bills. That leaves nothing for property tax relief.
Illinoisans feel the pain of stagnant incomes and skyrocketing property tax bills (2/5/20) – Illinoisans’ pain from punishing property tax burdens has been building for decades. Property taxes per household in Illinois increased by 109 percent since 2000 and household incomes have failed to keep up, rising just 37 percent over the same time period.
Progressive tax proponents say Illinois is a low-tax state, your tax bills say the opposite (7/23/19) – Common sense says Illinois is a high tax state once all state and local taxes are added up. Analyses from a Chicago Fed economist to the Tax Foundation to personal-finance firm WalletHub all back that fact up.

 

Higher taxes will push even more people out

Yes, the rich are fleeing Illinois and they’re taking billions with them (2/7/20) – We’re often told that Illinois is not losing its highly taxed residents. Don’t worry about lost income from the rich leaving, we’re supposed to believe. It’s just poorer folks fleeing. But that’s simply not true.
New IRS data release: Record losses of taxable income and taxpayers for Illinois – Wirepoints Special Report (1/2/20) – The IRS has just released new domestic migration and it shows Illinoisans left the state in record numbers. Illinois lost a net of more than 88,000 residents in 2018 and The state’s tax base shrunk by $5.6 billion.
Illinois’ demographic collapse: fewer immigrants, fewer babies and fleeing residents – Wirepoints Special Report (3/19/19) – Illinoisans are leaving in record numbers. Fewer people want to come here. Our birth rate is down significantly, as millennials are also fleeing. Even international immigration has dropped by half. All of the state’s woes are captured in one sad statistic: Illinois is shrinking.
New Census data shows Illinois lost population for the sixth year in a row (12/30/19) – New U.S. Census data shows that Illinois’ population fell again in 2019, making this the sixth year in a row Illinois has shrunk.