Chriss Street "Moody’s Investor Services warned Illinois’ Democratic governor’s that his plan to more than double income taxes on the rich could create a bigger state deficit if they leave.
"Democrat J.B. Pritzker successfully ran for governor of Illinois on a campaign that it was “Not Impossible” for a state with a $7,871,602,484.87 payment backlog to 91,099 vendors and the worst credit rating in the nation, to cut taxes while implementing a $15 minimum wage, expanding education and healthcare, and creating more jobs.
"With Illinois already having the 2nd highest effective property tax rate of 2.32 percent and the 5th highest average sales tax of 8.64 percent, Pritzker was expected on February 20 to ask both Democratic-controlled houses of the state legislature to dump a 3.75 percent flat-rate state income tax for a progressive Fair Tax that would more than double the state income tax rate to 7.65 percent on incomes over $225,000.
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Pritzker’s social justice allies claim the Fair Tax regime would also allow 61,700 more students to enroll in public colleges; 22,000 more seniors to get home delivered meals and transportation; 24,000 more admission for addiction treatment; 47,000 more childcare assistance and 7,800 more beds for domestic violence victims." . . .
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