Dems Have Answer for Illinois Fiscal Crisis: Tax Cut for 99%, Soak the 1%! – WP Original
“When the people find that they can vote themselves money that will herald the end of the republic.” – Ben Franklin
By Mark Glennon*
Unbelieveable. State Rep. Lou Lang (D-Skokie), a major lietenant of House Speaker Michael Madigan, today proposed a graduated income tax under which 99% of Illinois taxpayers would get a cut. One-percenters would see rates increase gradually up to 9.75%. More specifically, according to the Chicago Tribune:
Under Lang’s proposal, taxpayers who are married and filing a joint return or a head of a household would pay 3.5 percent for income of $200,000 or less; 3.75 percent on income between $200,000 and $750,000; 8.75 percent on income between $750,000 and $1.5 million; and 9.75 percent on income over $1.5 million.
“There is another path forward that puts tax dollars back in the hands of hardworking families and eases the pain caused by recent budget cuts,” said Lang. “When my bill passes and the governor signs it, ninety-nine percent of taxpayers will get a tax cut.”
Never mind that study released earlier this month finding Chicago’s exodus of millionaires to be among the four highest in the world.
It wouldn’t solve much. It would raise less than $2 billion per year, but we are already spending $6.2 billion more than we are taking in, according to the Comptroller.
Governor Rauner and business groups immediately blasted the plan.
We’re speechless, except to remind you that a graduated income tax would require a constitutional amendment, which almost certainly would fail.
Full text of the bill is linked here.
*Mark Glennon is founder of WirePoints. Opinions expressed are his own.