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[The following is a paid advertisement.]
One of the most frequent arguments for enacting a progressive income tax hike in Illinois is to close an anticipated $3.2 billion budget shortfall.
But the progressive tax plan currently moving through the General Assembly would fall $175 million short of this goal, according to Senate Democrats’ own numbers.
The plan’s shortfall is likely much larger due to irresponsible growth assumptions and faulty math. Not only does the plan fall short of closing the budget deficit, it also means that there won’t be revenue to pay for additional spending priorities, like pensions, that Pritzker and others claim the progressive income tax can tackle.
Plus, the $3.2 billion budget deficit projection itself is likely understated: it doesn’t account for a new AFSCME contract, the costs of the minimum wage increase or additional pension costs.
Faulty assumptions and revenue shortfalls ensure one thing: further tax hikes.
posted by Advertising Department
Thursday, May 2, 19 @ 11:17 am
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Previous Post: Senate income tax roundup
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