A terrible week for the 'Pritzker Tax' Illinois voters are a year away from deciding whether to amend their constitution and embrace a graduated income tax.
Gov. J.B. Pritzker says his tax package would affect only the top 3% of income tax filers.
Second, even as the Pritzker Tax looms, governments at all levels are squeezing taxpayers with property and other tax increases.
Two more: [Most read] Brad Biggs' 10 thoughts on Bears' 24-21 loss to the Raiders in London in Week 5 On Monday a federal judge rejected a "Hail Mary" lawsuit by four high-tax blue states frantic to kill the $10,000 cap on federal income tax deductions for state and local taxes, aka SALT. Those deductions had people in low-tax states subsidizing affluent households in high-tax states such as Illinois.
Capping the SALT deduction didn't affect most Americans, for whom the 2017 federal tax law delivered lower tax rates and nearly doubled the standard deduction.
The nonpartisan Tax Foundation calculated that removing the cap would "Almost exclusively provide tax relief to the top 20% of income earners, the largest tax cut going to the top 1% of earners." We've enjoyed watching Pritzker, New York's Andrew Cuomo and like-minded governors plead that the country's richest families deserve, um, bigger tax deductions.
"The state ranks #50 in the latest ranking of states' fiscal health by the Mercatus Center at George Mason University, and residents are paying the price with higher taxes." You keep guessing which state while we note that if enough Illinois voters understand the enormity of the state and local spending they support, and learn which state is most hostile to taxpayers, then the Pritzker Tax should face the defeat it deserves.
https://www.chicagotribune.com/opinion/editorials/ct-editorial-taxes-pensions-exodus-lightfoot-pritzker-ctu-cps-teachers-20191004-3ir5rgxbjzcp3ohy4yzwlchela-story.html
Gov. J.B. Pritzker says his tax package would affect only the top 3% of income tax filers.
Second, even as the Pritzker Tax looms, governments at all levels are squeezing taxpayers with property and other tax increases.
Two more: [Most read] Brad Biggs' 10 thoughts on Bears' 24-21 loss to the Raiders in London in Week 5 On Monday a federal judge rejected a "Hail Mary" lawsuit by four high-tax blue states frantic to kill the $10,000 cap on federal income tax deductions for state and local taxes, aka SALT. Those deductions had people in low-tax states subsidizing affluent households in high-tax states such as Illinois.
Capping the SALT deduction didn't affect most Americans, for whom the 2017 federal tax law delivered lower tax rates and nearly doubled the standard deduction.
The nonpartisan Tax Foundation calculated that removing the cap would "Almost exclusively provide tax relief to the top 20% of income earners, the largest tax cut going to the top 1% of earners." We've enjoyed watching Pritzker, New York's Andrew Cuomo and like-minded governors plead that the country's richest families deserve, um, bigger tax deductions.
"The state ranks #50 in the latest ranking of states' fiscal health by the Mercatus Center at George Mason University, and residents are paying the price with higher taxes." You keep guessing which state while we note that if enough Illinois voters understand the enormity of the state and local spending they support, and learn which state is most hostile to taxpayers, then the Pritzker Tax should face the defeat it deserves.
https://www.chicagotribune.com/opinion/editorials/ct-editorial-taxes-pensions-exodus-lightfoot-pritzker-ctu-cps-teachers-20191004-3ir5rgxbjzcp3ohy4yzwlchela-story.html
No comments:
Post a Comment