This one isn't getting any play in the mainstream media, just the policy wonk sites:
- Democratic gubernatorial candidate J.B. Pritzker has promised a number of new spending programs as well as closing Illinois’ current structural deficit. To finance these promises, Pritzker has proposed a progressive income tax hike.
But how much would these promises cost? And how high would taxes need to be to finance them?
Reasonable estimates show the cost of Pritzker’s spending promises demand an income tax hike of $13 billion to $18 billion. This would require approximately doubling the state’s personal income tax to 9.95 percent on the high end and 8.51 percent on the low end from the current 4.95 percent income tax rate.
That means within the existing flat income tax structure, which would remain in place until at least 2020, the typical family in Illinois making just over $79,000 would pay an additional $2,500 to $3,500 in income taxes in order to finance Pritzker’s spending promises.
Anyone here expecting the FOP to hit one out of the park and get us a raise big enough so that we can continue to tread water in this sinking ship? We don't.
And the sad part is, people will still vote for this double-talking asshole.
And the sad part is, people will still vote for this double-talking asshole.
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