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No. This opens up the floodgates to even more aggressive taxation of wealthier groups. Say good bye to that tax revenue if this passed. The burden will just grow
I'm voting yes because I believe in progressive taxation.
However, I realize this will not fix the pension situation. Illinois is just buying time until a default or bankruptcy, as a federal bailout or pension renegotiation doesn't seem feasible in the near term.
ZS sounds like you should move to NW Indiana with that other guy. Enjoy! 😂
I'm already considering leaving for NW Indiana due to taxes. If this passes, it is likely the final nail in the coffin for me.
While saying you live in Indiana would suck, it’s really no worse than any city in IL except chicago and maybe oak park and Evanston.
If the government had made any move towards pension reforms (eg consolidating 649 downstate funds into one fund to benefit from scale), I would have voted yes. The utter and complete lack of progress against the elephant in the budget means I'm a no.
I support higher taxes, but not one they are a bandaid on a dumpster fire of a budget.
After much deliberation voting yes. IL needs the flexibility of a graduated tax to be able to get the revenues they need to even have a chance at getting at the pension issue ( eg maybe taxing retirement income at a lower rate of 1 or 2% to offset the 3% COLA) and fund education. I also appreciate the efforts made by the state to deal with covid responsibly. I’m sure consumption revenues took a huge hit and the state needs the funds. If this amendment does not pass I worry about either serious cuts to education or a higher tax across the board. Not what people need right now. I do hope more is done on the pension issue, but that is a long slog. Maybe one tiny upside to a conservative majority in the USSC is that there is a shot that the pension clause can be removed from the IL constitution and survive a contract clause challenge at the national level. That will likely be a 10+ year legal battle to even have a chance at clawing back some of the overly generous benefits for tier 1.
I’m voting no. First reason, I feel taxed enough for what I receive in return. Second, if you give them an inch, they will take a mile. This opens up the opportunity to tax pensions as seen in other states and raise taxes infinitely.
They are voting to amend the constitution so the rates can be changed by Illinois politicians.. Does anyone actually trust that this will be limited to households with an income >250k?
Ha not a chance. The increased taxes on the 3%ers won’t even be a drop in the bucket for the pension problem. For context, the 32% tax increase on everyone in 2017 raised enough money to pay 2% of the pension debt (if they put it toward the debt- which they didn’t). This is an avenue to raise taxes on everyone, including the middle class. Same sad story.
Voting no because the amendment would allow the state to raise taxes on ALL income groups. They need to start actually addressing the spending crisis before i consider giving them more of my money.
They can raise taxes on everyone regardless of this amendment. This allows the tax system to be graduated and more fair
No, because the Illinois state government cannot be trusted with more money.
Generally a pretty big proponent of taxes and spending, but this state is just broken.
No, same rate is fair IMO. The equity problem lies with the loopholes that greatly reduce the taxable income of the wealthy.
My spouse works for the city government and with state officials. There is an unbelievable amount of waste that could be addressed if any of the governing bodies actually cared to balance the budget instead of talking about it and just raising taxes.
And what’s interesting about the loopholes is that they all came about because of special interests in mind. Get rid of those and donors disappear
Voting no because i don’t trust our state govt and we have a spending problem which will continue to get kicked down the road and will just be addressed with more taxes (on everyone) in the future.
In chicago we will soon see raising property taxes, income taxes, sales taxes all of which are amoung highest quartile, if not decile... (not to mention all the other state/city revenue ( informal taxes) - speed traps, red light cameras, parking stickers, registration /permit fees, I could go on).
There is alot of political propaganda about classism calling out Millionaires and marketing this as making them pay their fair share but in reality I feel it will impact everyone negatively (jobs and ultimately higher taxes on all over time) if we continue to propose the solution as higher taxes.
I’m voting no because government at any level has never shown that getting more money is going to solve anything
I’m voting yes.
please vote no. You cannot trust the IL state government. They are going to end up raising taxes on all residents of IL. Our state is so corrupt giving them more control is no benefit to anyone.
Voting no. Tax increase will do nothing to solve biggest problem which is underfunded pension liabilities. The fact that pension liabilities are guaranteed in Illinois state constitution means that even with this tax increase on high earners, either more tax increases or government service cuts will be needed in the future. I'd support the Fair Tax ammendment of it also addressed the pension problem. My hope would be that the amendment fails, forcing them to do something to address pension issue although I know this is unlikely.
The demographic trends of Chicago and Illinois are already unfavorable. People put forth the argument that taxes are high in NYC and California and there has not been a mass exodus of higher earners. My gut tells me that won't be the case for Illinois.
Voted yes especially when I found out a hedge fund guy donated $20million for advertising against it.
Maybe Accenture Manager should have actually read that article about why the “hedge fund manager” voted no (aka the guy that FOUNDED Citadel and has provided billions in revenues for this crap state and could easily move his business but hasn’t.)
Imagine doing the exact opposite of someone just because they’ve taken risk, worked hard and have found success. Who is the moron in this situation 🤔
No, it’s just going to increase taxes for every one
I’m voting no, so many issues with this legislation, in particular giving our politicians the ability to raise taxes at will. Not sure about you guys but I’m not one to trust Illinois politicians. I appreciate the fact that our tax structure needs to change, but other things need to change too, eg pensions. Let’s fix the revenue side AND the expense side of the equation.
Voted “no”, it changes the Illinois constitution so that the government can change the tax rate without having residents vote. Illinois needs work and I don’t think this is the way to fix it
Changed to an extent. Politically unfeasible to raise exponentially for poorer folks
No
Voting yes. I can take the tax hit. We need pension reform for Chicago and broader zip and earmarked funds, but I also don’t think that my parents (teachers) should get shafted on what they were promised when they didn’t have a choice. They’d have done better investing their own money in that case.
They received a promise in exchange for a vote. Voters should be more skeptical.
There is no way they’ll get all of it whether this passes or not.
Voting no