Photo credit: media.apps.chicagotribune.com
The Democratic speaker of the Illinois House announced Thursday that he plans to lead his state into the same trap California Gov. Jerry Brown led his state — he wants to impose a tax for being a millionaire.
State Rep. Michael Madigan advanced the idea of submitting the issue of a 3 percent “millionaire’s tax” to the voters in the form of a referendum, according to the Chicago Tribune.
Madigan’s move marks the latest in a “class warfare” theme lately advanced by Illinois’ Democratic leaders, including the advancement of a minimum wage increase by the Senate president and Gov. Pat Quinn comparing his 2014 GOP opponent to TV villain Mr. Burns from “The Simpsons.”
The Tribune reported:
The powerful Democratic speaker said the tax hike on millionaires is a way to generate more than $1 billion for elementary and high schools. Madigan based his calculations on what he said are roughly 13,675 millionaires that lived in Illinois in 2011, brushing aside a question about whether such a tax hike might drive them out of the state.
“Well, if they’re in Illinois today, they’re probably so much in love with Illinois that they’re not going to leave,” Madigan told his critics. “We’ve done this because we feel that the millionaires in Illinois are the ones that are better equipped to support education than others.”
Russian immigrants from Brooklyn weigh in on Obama’s face-off with Putin
They said that in California also. Oppressive tax and regulation policies in the past have turned once-confirmed Californians into proud Texans and Floridians. Although Brown’s own millionaire tax has resulted in little migration so far, it’s still early. In a free society, people can vote with their feet.
The current Illinois income tax rate is five percent, but is scheduled to drop to its previous rate of 3.75 percent on Jan. 1. A three percent hike on those making $1 million or more would represent an 80 percent increase in state income taxes.
In January, Illinois had the the country’s third-highest unemployment rate, at 8.7 percent; California had the fourth-highest, at 8.1 percent, according to the Bureau of Labor Statistics.
“Illinois Democrats’ answer to everything continues to be taking more money out of taxpayers’ pockets,” state Senate Republican leader Christine Radogno said.
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- ‘Act like a grownup’: Drunk driver sobs when she loses plea deal by coming 4 hours late to court - July 23, 2017
- ‘I would’ve fired her the day I met her’: Glenn Beck reveals more about Tomi Lahren mess - July 23, 2017
- Canadian thug beats 74-year-old cyclist bloody with a club in road rage fit– and they say US is more violent? - July 23, 2017
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.
