LAST MINUTE THOUGHTS ON THE GRADUATED TAX IN ILLINOIS

 

 

 

When I fire up the laptop in the morning, I usually see any number of new messages on our local community chat-board.  “Looking for a good hairdresser.”  “Anyone know a cheap roofer?”  “What were all the sirens about last night?”  Now, though, it’s not unlikely to find a daily wave of misinformation about the progressive tax proposal coming this election for Illinois.  

 

“If you vote for (it), all our taxes will be raised immediately.”

 

“Your pensions will be either taken away or reduced!”

 

“You can’t trust our politicians, especially not to raise our taxes at will if we pass (it).”

 

As a public teacher pensioner, I can empathize with that last concern - IF I had not witnessed the crash and burn of Michael Madigan’s, Lisa Madigan’s, and Pat Quinn’s failed attempts to override the Pension Protection Clause of the Illinois Constitution in 2015.

 

Taxes will be raised immediately?

 

The General Assembly has always had the power and ability to raise and lower taxes as they felt necessary. The Progressive Tax Amendment is an attempt to stave off that likelihood given the loss of revenue during the current Covid crisis.  Think of it this way: NO Progressive Tax; more necessary increase in taxes.

 

Pensions taken away?

 

Well, if you’re in a private pension situation, the future fiscal solvency of your company or union will determine that, not the politicians. As for public pensions, the unanimous decision of the Illinois Supreme Court on May 15, 2015, clearly prevents that for all members of Tier One.  Lisa Madigan’s argument for police powers in an emergency was dismissed, and the jurists of the ILSC also reminded those who would attack the pension system that the state of Illinois had never (still does not) make the necessary actuarial payments to support the pension system.  

 

You can’t trust politicians…”

 

Of course, you can’t.  I know from personal experience.  But when Illinois, one of about eight states that still utilize a flat tax system, faces a systemic revenue shortage, they have in the past only one way to go: INCREASE PROPERTY TAXES.  Oh, did I mention that my local chat board is also decorated with a hundred people complaining they’re leaving because the property taxes are so high as compared to Indiana?  

 

Ken Griffin Citadel Investments

So why is Ken Griffin, who is spending over $50 million in advertising so keen to get us chatters to vote NO on the Amendment? Like many of those who are morbidly wealthy, Ken does not mind spending 1/20,000,000 of his billion to stop a fairer tax to help all of us.  Put it on all of them, says, Ken, not me.

 

Right now, Ken pays 4.95% like all of us.  ALL of us.  As of 2016, the poorest 20 percent of families in Illinois pay an average of almost 15% of their income on state and local taxes.  Meanwhile the wealthiest one percent pay just above 7 % (CBTA).  

 

97% of all of us will pay the same or less than we ay currently.  Only those making $250,000 or more – or those small businesses making profits of $250,000 or more – will pay more.  

 

It’s the first item on the ballot, so make sure you vote on it.  If you ignore it, it will count as a NO.  Remember, Ken Griffin is throwing one twenty-millionth of his money to stop you from voting YES:

 

            

 

 

 

                                   VOTE YES ON THE PROGRESSIVE TAX.