Graduated Income Tax On The Ballot
This November, one of the biggest questions on the ballot is whether the state constitution should be changed to allow for a graduated income tax. Of the 43 states that impose income taxes on individuals, Illinois is one of a minority that has a flat tax — where millionaires and minimum wage earners ostensibly pay the same rate on income. The constitutional amendment would allow for a system where people who make more money would pay a higher rate.
By mid-September, more than $80 million dollars had been raised by groups working to pass or block the amendment, with the “yes” side outraising the opponents by roughly three to one. The vast majority of that money has come from two men: Illinois Governor J.B. Pritzker on the yes side, and Citadel hedge fund manager Ken Griffin, Illinois’ richest person, bankrolling the opponents.
The 21st speaks to a James J. Stukel Presidential Professor in the College of Urban Planning and Public Affairs at the University of Illinois at Chicago and an Associate Director of the Government Finance Research Center, also at University of Illinois at Chicago to clear up some of the misinformation surrounding the proposal.
Amanda Kass, Associate Director, Government Finance Research Center, University of Illinois at Chicago, Affiliate of the Institute of Government and Public Affairs
David Merriman, James J. Stukel Presidential Professor in the College of Urban Planning and Public Affairs at the University of Illinois at Chicago and Senior Scholar, Institute of Government and Public Affairs; Chair: Working Group on Fiscal Health of Illinois