Illinois voters on Nov. 5 will be asked whether they favor a “millionaire tax.” Here are three things to know about it: the tax can be easily avoided, it fails to provide stable revenue and it discourages or limits economic growth.
Illinois needs to spend $4.9 billion more annually to pay for pensions, but the “millionaire tax” would only raise an estimated $3-$4.3 billion. That’s too little for the pension bills and would leave nothing for property tax relief.
Implementing the “millionaire” tax would give lawmakers the power to tax retirement income. Every state with a progressive tax also taxes retirement income.
Some Illinois communities see regulating any mischief on Halloween as a real treat. One town fines trick-or-treaters up to $750 if they don’t know the Halloween laws.
A push to raise Illinois’ income tax may create the most extreme business income tax rate in the nation. “Millionaire tax” could hurt jobs in a state already struggling.
The Chicago Teachers Union has spent nearly $1.3 million on campaign donations in an effort to influence what happens in the Illinois General Assembly. See if your state lawmakers accepted money from the CTU.
Combined state and federal income taxes would have small businesses pay more than 50% of their top-end income in taxes.
The Chicago Teachers Union has spent $1 million on their endorsed candidates for Chicago Board of Education races.
Halloween shoppers can stay clear of Illinois’ spooky candy tax if they know the right candy to buy.
Declining reading and math scores decrease opportunity for students in Illinois. Apprenticeships, which provide paid on-the-job training and classroom instruction, are an in-demand alternative to a college degree that can build key skills and help meet future employment needs.
The Chicago budget has grown by over $6 billion since 2019. Despite being bolstered by billions in federal relief, the city is facing nearly a $1 billion deficit in the coming fiscal year.
The Chicago Teachers Union might be in one city, but its lobbying and other political wrangling affect residents statewide.
The Invest in Kids Tax Credit Scholarship program saved taxpayers hundreds of millions of dollars before it was killed by teachers’ unions, according to a new study.