There are few details here, but this sounds more extensive than the old SB750/tax swap plan, as it involves amending the Illinois constitution:
Still, Frerichs said getting the fund started would be a key to eventually campaigning for the constitutional amendment needed to change the tax system.
A graduated income tax, Frerichs hopes, could be a way to send more money to schools while reducing some property taxes. A similar plan that would raise the income tax to send more money to schools has lingered in Springfield for years without any success.
“This is probably, I hope, an easier way of getting that done,” Frerichs said.
Read the whole thing.
When a state leader starts advocating a tax program that includes a serious effort to eliminate fraud, waste, and abuse as a core goal, sign me up. Until then, it's business as usual in Illinois.
The flat rate in Illinois is the one positive feature of the state economic climate. When the rate for millionaires is also applied to those making $20,000, it makes it much harder politically to raise that rate. If graduated rates are allowed, there will be little to stop tax increases on a regular basis.
What is a positive feature to you, RSW, is seen as a bug by many in Illinois who think that they best answer to problems with our education system is a large tax incease.
I know.
The schools want more money - I understand - and it is really hard to ask property owners to approve tax increases all the time. And it is apparently also pretty tough for the GA to get the nerve up to raise everyones income tax to send more money to schools. But if they get the chance to just raise taxes on the top 10% of earners, it would just be way too easy.
If the need for more revenues is so great, raise everyones taxes.
IP, how many other U.S. States have a graduated income tax at the state level? How do they rank economic growth wise?
"IP, how many other U.S. States have a graduated income tax at the state level? How do they rank economic growth wise?"
I did research on this when I worked for the GA, but it's been ten years or more.
Regardless, I'm not sure why you're asking. Are you saying there's correlation and/or causation between graduated income taxes and growth rates at the state level? If so, I'd be interested in seeing that research.
WHy doesn't FREICHRICHS and JACKOBSON just refuse to go along with funding all the pork ?
Missouri has a graduated income tax, but the property taxes are about half of what it is here.
Freirchrichs talks the talk when the legislature is out of session, But he will be the obedient lap dog of the Boy Governor just as soon as Jones call the session to order. A Democrat talking about cutting taxes??? Yea right.
I don't think Sen. Frerichs is talking about cutting taxes. I think he's talking about changing the tax structure, which may include reducing property taxes while increasing income taxes - which is something he talked about while running in 2006, too.
As I said, there's few details in the article, so it's hard to tell.
Freirchrichs has it backwords. The more I make the more I should earn. Those who are most productive should pay the least! That's how you grow the economy. Doesn't he understand basic ecanomics?
Boggle.