It's unfair! Progressive tax is a bailout for politicians over-spending
Politicians in Springfield passed the largest tax hike in the history of Illinois just over two years ago, promising to pay down unpaid state bills and get Illinois’ finances in order. Yet, despite record state tax revenue, there is still $10 billion in unpaid state bills and a $97 billion unfunded pension liability, earning Illinois the worst credit rating in the nation.
So, now some politicians want us to bail out their overspending by changing the Constitution to impose a “progressive income tax” which will:
- Raise taxes on 85% of taxpayers.
- Raise tax rates for every family earning over $5,000 per year.
- Further damage Illinois’ ability to spur job creation and compete with other states.
The reality is 31 of the 34 progressive tax states tax $50,000 in household income at a higher marginal tax rate than Illinois will in 2015. That is not just taxing the rich!
The adoption of a progressive tax will threaten Illinois’ prosperity by giving politicians free reign to engage in class warfare of the type seen at the federal level and in states such as California, destroying job creation and incentivizing the flight of businesses to more friendly states.