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The question asks: “Should the Illinois Constitution be amended
to create an additional 3% tax on income greater than $1 million
for the purpose of dedicating funds raised for property tax
relief?”
Former Illinois Gov. Pat Quinn is supporting the amendment that
he said would raise over $4 billion to put in a property tax
relief fund.
“The Illinois Property Tax Relief Amendment Referendum offers a
once-in-a-generation opportunity for Illinois voters to reform
an unfair upside-down tax code and give significant annual
property tax relief to millions of Illinoisans who urgently need
help,” said Quinn.
Quinn said there are over 77,000 millionaires living in
Illinois.
Dylan Sharkey with the Illinois Policy Institute said a tax
increase on a state’s wealthiest residents would ultimately
raise the tax burden on people who earn far less than $1 million
annually.
“There was a similar measure in 2020 which asked if Illinois
should adopt a progressive income tax structure,” said Sharkey.
“The issue with that is it incentivizes wealthy residents to
flee to other states with lower taxes and Illinois gets less tax
revenue than they originally had.”
The 2020 advisory referendum was soundly defeated by Illinois
voters.
Sharkey said if you want to address high property taxes, then go
to the source … unfunded pension liabilities.
Other critics of the plan say the policy will deter capital and
entrepreneurs from coming to the state.
Illinois pays the second highest property taxes in the country
behind only New Jersey. |
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