* Earlier today, some Democratic legislators announced a new set of policies that they hope their party and voters will support. From their new website…
Priority Legislation: SJRCA 1 — Amends the Illinois Constitution to allow us to tax billionaires at a higher rate than janitors.
* Big corporations shouldn’t get huge tax breaks from the state that aren’t available to small businesses
* Stock market income shouldn’t be taxed at a vastly lower rate than income from working a job
* The highest earners should pay more than working people and the poor to stabilize our budget
* We should expand the Earned Income Tax Credit to support low-income working families
Emphasis added because I thought stock market income was taxed in Illinois like all income.
* So, I asked for clarification…
Yes, but it’s taxed at a vastly lower rate at the federal government, so we propose raising the rate in Illinois somewhat to bring it closer to parity.
* The Question: Do you support raising the state’s personal income tax rate on investment income? Click here to take the poll and then explain your answer in comments, please.