Illinois Democrats Push Disastrous 3% Millionaire’s Tax (Again)

The Tax Hike Will Hurt Families and Jobs

The tax would be a big burden on taxpayers who can least afford it. A recent study by the Tax Foundation found that the tax would increase taxes on the state’s middle class by more than $1,000 per year.

The tax would also hurt businesses and jobs. Businesses would have to pay more taxes, which would make it harder for them to hire new workers and invest in the state.

The tax would slow down the state’s economy. By discouraging business investment and making it harder for people to save and invest, the tax would make it harder for the state to grow its economy.

For all of these reasons, Illinois Democrats should reject the millionaire’s tax. It would be a disaster for families, jobs, and the state’s economy.

The Tax Is Unfair

Not only would the millionaire’s tax hurt families and jobs, it would also be unfair. The tax would only apply to a small number of taxpayers — about 1% of the state’s population.

This means that the tax would be a big burden on a small group of people. It would also be unfair to taxpayers who already pay a lot of taxes.

For example, a single parent with two children who earns $50,000 per year pays more than 10% of their income in state and local taxes. Under the millionaire’s tax, this taxpayer would pay an additional $1,000 per year in taxes.

This is simply unfair. Illinois Democrats should reject the millionaire’s tax because it is unfair to families and taxpayers.

The Tax Is Unnecessary

The millionaire’s tax is also unnecessary. Illinois already has a progressive income tax system that taxes higher earners at a higher rate.

In fact, Illinois’s top income tax rate of 4.95% is already higher than the average top income tax rate in the United States.

Raising the top income tax rate even higher would not generate significant revenue for the state. A recent study by the Illinois Department of Revenue found that the tax would only raise about $1 billion per year.

This is a small amount of money, considering that Illinois has a budget of over $40 billion. The state does not need to raise taxes to balance its budget.

For all of these reasons, Illinois Democrats should reject the millionaire’s tax. It would be a disaster for families, jobs, and the state’s economy. It is also unfair and unnecessary.