Misconception No. 1: If the amendment passes, it will give the legislature the power to raise taxes. Wrong. The legislature already has the power to raise taxes, but legislators are loath to add more taxes to the lower and middle classes. The Graduated Income Tax Amendment removes some of the tax burden from low- and moderate-income taxpayers to place more of it on wealthy taxpayers.
Misconception No. 2: If the amendment passes it will open the door to taxing retirement income. Wrong. The legislature already has the power to tax retirement income. No amendment is needed for legislators to raise taxes now. Actually, if the Graduated Tax Amendment does not pass, taxing of retirement income will more likely be considered due to the need for revenue.
Misconception No. 3: Voting against the Graduated Income Tax Amendment is a step toward keeping our taxes from increasing. Wrong. Illinois is one of only 11 states that does not have a graduated income tax, one of only three states that does not tax retirement income, plus Illinois imposes sales taxes on fewer items than most states. The lack of sufficient revenue forces local governments to rely heavily on property taxes to meet their obligations; and due to the pandemic and the resulting economic downturn, additional state funding will be required.
Misconception No. 4: Family farms will be hurt by the Graduated Income Tax Amendment. Wrong. Only corporate farms will pay the corporate tax rate.
The Graduated Income Tax Amendment is a first step toward righting the state’s finances. Please vote “yes” on the constitutional amendment to support a Graduated State Income Tax.
President, State Universities Annuitants Association