Illinois politicians, led now by Governor J.D. Pritzker, are aiming to end constitutional protections of taxpayers in Illinois, and to raise taxes on the wealthiest in the state. Naively, those politicians pushing for the increase in taxes presume that the move will prevent future deficits. Raising taxes hasn’t seemed to do that in the past, so it is hard to imagine why that would work now. It seems more likely the tax increases will lead to a faster flight of Illinois’ remaining wealthy citizens. Bloomberg’s Elizabeth Campbell and Amanda Albright report:
Illinois lawmakers paved the way for higher taxes on the state’s richest residents, approving a constitutional amendment to do away with the flat income tax that will go before voters during next year’s presidential election.
The state’s House of Representatives on Monday voted to approve a constitutional amendment that would allow for higher tax rates on the top earners, the centerpiece of Governor J.B. Pritzker’s plan to stabilize the worst-rated state’s finances. The state Senate already passed the measure, leaving it poised to go on the November 2020 ballot for voter approval.
“This is reform,” said Robert Martwick, a Democrat and sponsor of the bill in the House, during a debate of the constitutional amendment on Monday. He said the change would help end recurring deficits in the state. “This is the solution for Illinois going forward.”
Read more here.
Originally posted on Your Survival Guy.
If you’re willing to fight for Main Street America, click here to sign up for the Richardcyoung.com free weekly email.