In this breaking news article, we will discuss and cover Pritzker Pushing Fair Tax For Illinoisans To Balance Budget Crisis.
Pritzker Pushing Fair Tax And Will Proceed Despite Crippling State Economy
J.B. Pritzker is the billionaire freshman politician who got elected as Illinois’ governor in 2018.
- Many Illinoisans had high hopes when Pritzker got elected as their governor
- Pritzker is the heir to the Hyatt Hotel Family Dynasty
- However, once in office, it seemed like J.B. Pritzker was absolutely clueless about business
- He started increasing taxes on over 20 items
- Besides raising taxes, he created new taxes
- Raising taxes is fine, however, you need to cut spending
- The freshman governor increased taxes PLUS increased spending putting the state more in debt
- The state’s broken system had a $137 billion shortfall
- Pension reform is needed in order to solve the state’s budget deficit
- No matter how much the tax hike, the state kept on getting deeper in the hole
- The genius idea J.B. Pritzker came out with is changing the state’s flat tax system to a progressive tax
- He decided to call it the Fair Tax Plan
- The freshman governor signed the state budget and fair tax legislation on June 5th, 2019
The new graduated income tax rates (Pritzker’s so called Fair Tax) would take effect only if Illinois voters approve a change to the Illinois State Constitution.
What Does Pritzker’s Fair Tax Mean?
Illinois currently has a flat tax system. What this means is a set percentage of a taxpayers income is assessed for every taxpayer. However, with Pritzker’s Fair Tax, it is a progressive income tax system that penalizes high wage earners. Pritzker is trying to convince lower and middle income Illinoisans they will pay lower income taxes while high income earners will pay higher income taxes. He is lobbying that changing the state’s flat tax to his fair tax system will solve the financial crisis Illinois is facing. This is misleading and not true.
Massimo Ressa of Gustan Cho Associates and an expert on state’s income taxation said the following: