Understanding Illinois Progressive Tax Being Pushed By JB Pritzker

0

BREAKING NEWS: Understanding Illinois Progressive Tax Being Pushed By JB Pritzker

Understanding Illinois Progressive Tax can be confusing. Illinois is in a major financial crisis.

  • Led by the heavyset 5’5″ 500 pounder rookie freshman Governor JB Pritzker, the state has really deteriorated financially since Pritzker took office in 2018.
  • All Republican-led states were thriving prior to the coronavirus pandemic
  • Most  Republican-led states were raking in billions of dollars in tax revenue and had millions in reserves
  • This holds true in Republican-led lower-taxed states like Florida, Texas, Indiana,  Tennessee, Kentucky, and countless others.
  • While dozens of lower-taxed states were thriving, Illinois was bleeding from major budget deficits, higher taxes, and a broken bleeding pension system
  • Most Illinoisans voted for JB Pritzker because they thought he was business savvy like Trump due to him being a billionaire
  • However, this was not true
  • Pritzker inherited his billions from the death of his father
  • Pritzker is clueless and lost when it comes to running a big business and/or state government
  • All Pritzker knows is to raise taxes to fix the state’s budget crisis
  • However, the oversized overweight obese incompetent governor is not cutting spending

Therefore, the state’s financial crisis is getting worse.

Understanding Illinois Progressive Tax And History Of Increasing Taxes By Pritzker

Pritzker and the state’s democrats keep on increasing and creating new taxes.

  • Pritzker is capitalizing on the coronavirus pandemic in trying to get a federal bailout
  • However, Senate Republicans and the Trump Administration already told Pritzker the federal government will not bail out mismanaged and financially irresponsible states
  • JB Pritzker was always a politician wannabe for decades
  • However, he was never successful in getting elected
  • JB Pritzker was under federal criminal investigation just four months after taking office for tax fraud
  • The federal criminal fraud investigation against JB Pritzker and his wife MK Pritzker is still ongoing
  • Everyone knows you do not raise taxes during a recession, let alone a pandemic
  • However, JB Pritzker said there is no better time to raise taxes and impose the FAIR TAX than now
  • Pritzker wants to develop a national name brand so he can be on the 2020 Democrat Presidential ticket
  • Unfortunately, Pritzker is developing a national recognition of being the fattest governor in the nation and the most incompetent governor in the history of the U.S.

In this breaking news article, we will discuss and cover Understanding Illinois Progressive Tax Being Pushed By JB Pritzker.

Understanding Illinois Progressive Tax: Need Voter Approval

For the past 18 months, JB Pritzker has been pushing changing Illinois’s flat tax to a progressive tax system.

  • What the progressive tax does is penalize higher wage earners and business owners
  • Pritzker was successful in getting the FAIR TAX law passed by the state legislature
  • Now it is up to the voters to decide on whether or not to vote on Pritzker’s FAIR TAX on November 3rd, 2020
  • The obese heavyset overweight Pritzker calls the progressive tax proposal his FAIR TAX
  • The FAIR TAX is a $3.7 billion income tax hike
  • Pritzker says it will only affect the top 3% of the state’s income earners
  • This is hands down not true

Economists and critics said the following about Pritzker’s FAIR TAX:

Fatso’s FAIR TAX is being used as a constitutional amendment as a blank check for House Speaker Mike Madigan and other state lawmakers, courtesy of Illinois taxpayers. Currently, the state’s constitution currently treats all taxpayers the same under a flat tax. The “fair tax” amendment, pushed by Gov. J.B. Pritzker would remove that protection and give state lawmakers the power to impose tax rates by a simple majority vote on different groups at different rates. It would allow them to add “surcharges” essentially double or triple taxing the same $1 earned for special spendings, such as pensions. It would also open the door for lawmakers to start taxing retirees. But potentially the most devastating would be the impact of new taxation on jobs and an economy beginning to recover from COVID-19 restrictions. Illinois’ jobs outlook was already failing, but then COVID-19 restrictions hit women and minorities especially hard. The “fair tax” proposal would hurt the pandemic recovery of Illinois’ most dynamic jobs creators, imposing new taxes up to 47% higher on over 100,000 small businesses – drying up funds that could create jobs or allow businesses to return to normal. Pritzker and lawmakers already set income tax rates projected to yield $3.7 billion in case the amendment passes, and are pushing the message that 97% of taxpayers would see some relief. But that relief amounts of $6 dollars for low-income Illinoisans out of a nearly $1,800 state and local tax burden.

Progressive Tax Has Turned Out To Be A Failure In Other States

Pritzker’s passage of a progressive tax in Illinois may be the final straw that destroys Illinois.

  • Pritzker is a liability. Due to his lack of experience in running state government and any type of business, his actions are railroading Illinois to bankruptcy
  • There are more taxpayers and small businesses under his watch that are fleeing Illinois than any other administration
  • Pritzker is lying when he is preaching the progressive tax will only affect the upper 3% of the wage earners
  • This is what was said in Connecticutt where they changed their flat tax to a progressive tax
  • However, taxes for middle-class wage earners in Connecticut went up 13%. Connecticut was the only state to change their flat tax to a progressive tax system in the past 30 years

Jammi Cash of Gustan Cho Associates said the following:

The middle class is where the bulk of taxable income exists, and Pritzker already made $10 billion dollars worth of spending promises from a $3.7 billion tax before COVID-19 put a $4.6 billion hole in state revenues. Moreover, only $200 million of the new tax is expected to go toward the state’s No. 1 fiscal threat – increasing pension costs. Ultimately, the Nov. 3 referendum is about trust. Trust is a rare commodity in a state where politicians have a history of breaking tax promises and facing corruption investigations into whether they used taxpayer and ratepayer dollars to benefit themselves and their political cronies.

Understanding Illinois Progressive Tax Works

JB Pritzker is working hard in promoting his Progressive Tax so voters can vote YES come November 3rd, 2020.

  • On November 3rd, there will be a question asking whether or not voters approve of the progressive income tax measure
  • 60% of voters need to question YES to changing the flat tax to Pritzker’s progressive tax measure
  • Or, more than 50% of voters need to vote for Pritzker’s FAIR TAX for the progressive tax to become law

Here’s a hypothetical example to illustrate how the thresholds work if 5 million Illinoisans cast a vote in the Nov. 3 election, with 4 million of them casting a vote on the progressive income tax amendment:

2.3 million Illinoisans vote “yes” on the question (57.5%). 1.7 million votes “no” on the question (42.5%). Result: The amendment fails. 2.3 million “yes” votes are less than 50% approval from the total of 5 million Illinoisans who cast a vote in the election, and less than 60% approval of the 4 million voters who cast a vote on the ballot amendment question.

What Happens If Illinoisans Vote For Pritzker’s Fair Tax Measure?

Illinoisans should carefully study the negatives of Illinois FAIR TAX.

  • Many wonder what would happen if taxpayers vote for Pritzker’s FAIR TAX
  • Every taxpayer will most definitely pay higher taxes
  • The state will not get a fraction of the $3.7 million dollars in additional tax revenues because of the mass out-migration
  • People are not stupid
  • Illinoisans have been fleeing the state since Pritzker got elected
  • With the passage of the FAIR TAX, you will not only see an exodus of individual taxpayers, but a flood of business owners closing up shop in Illinois and moving to lower-taxed states such as Indiana, Texas, Georgia, Wisconsin, Kentucky, Florida, and other Republican-led states
  • Over 100,000 Illinois small business owners will be affected
  • These small business owners will pay 47% more in taxes with the passage of the FAIR TAX

Michelle McCue of Gustan Cho Associates said the following:

If voters approve the constitutional amendment, and state lawmakers stick with the proposed rates they passed in 2019, Illinoisans will face income tax rates ranging from 4.75% to 7.99% starting Jan. 1, 2021.

See the comparison of the current flat tax versus the proposed progressive tax chart below:

Why the Illinois Progressive Income Tax Plan

Massive Out-Migration Of Illinoisans And Business Owners

How stupid is our obese governor?

  • Doesn’t he realize that there is a massive move of Illinoisans fleeing Illinois due to high taxes and incompetent leadership?
  • Real estate investors have altogether are avoiding investing in real estate in Illinois
  • This is because of the skyrocketing property tax hikes
  • There are no property tax hikes
  • Many businesses are shying away from Chicago as well
  • Businesses of all sizes in Illinois are either thinking of relocating to other states or already have relocated out of Illinois
  • Capital Lending Network (CLN) had plans in opening its corporate headquarters in the Western Suburbs of Chicago in 2021
  • However, its executive officers decided to open its corporate headquarters in neighboring Wisconsin due to Pritzker’s FAIR TAX and high tax rates in Illinois

Tammy Trainor, executive vice president of Capital Lending Network (CLN), said the following:

Under Pritzker’s proposed progressive tax system, a married couple in Illinois with two kids earning the $106,244 median annual income and paying the average property tax bill of $4,299 would see $107 in total tax relief, according to the Pritzker administration’s online fair tax calculator.” But if that same family uses two cars on a regular basis, they already saw a $300 tax hike under Pritzker’s capital plan, which doubled the state’s gas tax on July 1, 2019, and hiked annual vehicle registration fees Jan. 1. For those in the bottom 20% of incomes, Pritzker’s plan saves them $6 dollars on the median average earnings of $12,400. That saving is off their total tax burden of $1,786 ­– the highest in the Midwest and third-highest in the nation for that income level. Illinois businesses will also see tax hikes under the progressive income tax plan, regardless of income. In fact, Illinois’ total corporate income tax would rise to the second-highest in the nation should voters approve Pritzker’s constitutional amendment. Illinois businesses currently pay a total income tax rate of 9.5% – this includes a 7% corporate income tax plus a 2.5% Personal Property Replacement Tax, or PPRT. Under Pritzker’s plan, the total corporate income tax rate would increase to 10.49% (7.99% corporate income tax plus 2.5% PPRT). That would be the second-highest rate in the nation, behind only Iowa at 12%. Iowa’s rate is scheduled to drop to 9.8% by 2021. Neighbor and competitor Indiana have been consistently dropping its corporate tax rate, with the latest drop to 5.25% on July 1.

Illinois is a great state. Chicago is one of the most beautiful cities in the World. However,  with incompetent politicians like JB Pritzker, Lori Lightfoot, Dick Durbin, Mike Madigan, and dozens of other Democrats, the state is hands down going to self destruct. Illinois needs competent new leadership for it to survive. JB Pritzker needs to be replaced. Many are hoping Pritzker will not lead the state for long. Pritzker’s eating has gotten so out of control that you can no longer see his neck anymore. With his major health problems and extreme obesity, Pritzker’s lifespan does not seem like it will not be long. However, a competent leader needs to come in as governor and take charge to save Illinois.

Leave A Reply

Your email address will not be published.

Call Now ButtonCALL NOW