SPRINGFIELD, Ill. (WTVO) — A coalition made up of groups from four different industries urges voters to say ‘no’ to Gov. JB Pritzker’s progressive income tax plan.
The group wants voters to vote against the progressive income tax in November.
Right now, Illinois residents pay a flat rate of 4.95%.
If the governor’s plan is approved by voters, supporters say residents making less than $250,000 would each pay the same amount, with those making over $250,000 taxed at higher rates.
Opponents of the plan say the tax will create a mass exodus from Illinois.
Todd Maisch, President and CEO of the Illinois Chamber of Commerce, said, “That assumes everybody that they want to tax is going to stay in Illinois, and not go somewhere else where there’s no tax or there are lower taxes. Illinois is already leading the nation in out-migration.”
“It’s about fairness now,” said Quentin Fulks, of Vote Yes for Fairness. “It is never fair that a grocery store clerk or firefighter or nurse, or anyone that works a minimum wage job, is paying as much in taxes as hedge fund billionaires and millionaires.”
Those in favor of the progressive tax say those who earn less than $100,000 a year would actually receive a small tax cut.