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Thread: Fair Tax?

  1. #1

    Fair Tax?

    The airwaves are bombarded with the following description of the "Fair Tax".

    "Under Governor Pritzkerís fair tax plan, 97% of Illinoisans will see no state income tax increase, with only those making above $250,000 paying more."

    How is this "Fair"? Do I use more government resources because I have a higher income than others? Do I drive on state roads more? Does the state contribute more to my retirement savings? Does the state remove more snow for me? Do I use state funded medical care?

  2. #2
    Forum Regular Minnesoter's Avatar
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    Hey Congrats! I wish I made enough to be taxed at that higher rate!

  3. #3
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    Keep in mind that the tax proposal impacts single and married filers the same. So if you've got a married couple each earning $125K, they pay the rich guy tax.

  4. #4
    Quote Originally Posted by Minnesoter View Post
    Hey Congrats! I wish I made enough to be taxed at that higher rate!
    You soon may.

    https://abc7chicago.com/politics/gov...pass-/5266845/

  5. #5
    Forum All Star GE Fan's Avatar
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    Quote Originally Posted by paul kuhn View Post
    It's always so easy to give away somebody else's money without thinking of the repercussions. Usually however, especially in Illinois, it always comes back to your own door to bite you in the ***.

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    Already hearing of at least one candidate in the event there is a “yes” vote to the “Fair Tax.”

  7. #7
    Quote Originally Posted by GE Fan View Post
    It's always so easy to give away somebody else's money without thinking of the repercussions. Usually however, especially in Illinois, it always comes back to your own door to bite you in the ***.
    Why they have set this up so that initially it will Just be the rich who will see their taxes go up. But that's just a bait and switch. Sure maybe at first it will just those making over 250,000 who will pay more but sooner or later and probably much sooner they will have to lower that amount.

    Even now you're seeing some minor movement toward taxing at lower amounts from 1M to 750K. If Illinois was a well run state with low debt, well funded pensions I would say making the Income Tax progressive would be a good idea. But it's not . So this will just be another attempt to increase taxes from eventually more people.

    While I have my doubts about how many people will pack up and leave when these new tax rates become law. Some one who is paying 65,000 a year in Income taxes plus another thirty thousand in property taxes will certainly have some economic justification for leaving.

    Higher taxes on small businesses aren't going to help either.

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