Of course, his tax increase also will increase the pace of taxpayers fleeing the state, which is why the referendum is actually a form of slow-motion fiscal suicide.īut let’s set that aside and examine another lie.
In other words, he wants a tax increase so he can increase overall spending at an even faster pace. He said he will propose a balanced budget to begin in July without relying on revenue from the proposed progressive income tax.įor what it’s worth, I actually think it would be good news if the state was forced to reduce the burden of government spending.īecause his own budget documents project that state revenues (highlighted in red) are going to increase by nearly 2 percent annually under current law. …Pritzker is set to deliver his budget address on Feb. The state spends another $40 billion of federal tax money. …Illinois’ most recent budget called for spending about $40 billion dollars in state money. …the governor said 15 percent cuts in state spending would be needed across the board. Pritzker said the state’s next budget will be balanced, but said if voters don’t approve a progressive income tax in November, he would have to reduce state spending across the board in future years. Pritzker, warns that he’ll have to impose big spending cuts if voters don’t approve the referendum. To be more specific, I want to expose how supporters of higher taxes are using disingenuous tactics.įor instance, the state’s governor, J.B. Today, though, I want to focus on politics rather than economics. So if the politicians convince voters to get rid of the flat tax, it will hasten the state’s economic decline (if you want more information, I strongly recommend perusing the numerous reports prepared by the Illinois Policy Institute). I’ve written many times about how a flat tax is far less destructive than so-called progressive taxation.Īnd I’ve also written that Illinois’ flat tax, enshrined in the state constitution, is the only decent feature of an otherwise terrible fiscal system. The most important referendum in 2020 will ask voters in Illinois whether they want to get rid of the state’s flat tax and give politicians the leeway to arbitrarily impose higher rates on targeted taxpayers. Fortunately, the people of the Centennial State comfortably rejected the effort to bust the state’s successful spending cap. The most important referendum in 2019 was the effort to get Colorado voters to eviscerate the Taxpayer Bill of Rights.
0 kommentar(er)
