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Civic Committee Gives Thumbs-Down to Graduated Income Tax for Illinois
The Civic Committee of the Commercial Club of Chicago gave a thumbs-down to a November ballot referendum for a constitutional amendment to replace Illinois’ flat income tax with a graduated income tax.
“Based on the state’s decades-long history of fiscal mismanagement, the graduated income tax amendment, if passed, all but promises that Illinois will not address its long-term financial challenges,” the group said.
Citing Illinois’ “structural budget problems, unpaid bills, and growing pension debt,” the committee called for “a comprehensive plan that includes new tax revenues, spending cuts, and reforms far more substantial than the projected revenues from the graduated income tax.”
The Civic Committee noted that the state has many competitive advantages, “including our diversified economy, talented and diverse workforce, outstanding educational institutions and research facilities, central location, and world class transportation network. But all of that won’t save us if we cannot get our fiscal house in order.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Financing
