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Speaker Mike Madigan issued a statement today calling for more tax hikes in Illinois. The most important line of his statement was this: “individual income up to $1 million would continue to be taxed at the current personal rate.”
Madigan is counting on the public to view his proposal as a “tax on the rich.” But his proposal is not just a tax increase on the rich — it’s a tax increase on every single Illinois household.
Under current law, Illinoisans will finally see tax relief in 2015 when the state income tax rate is slated to drop to 3.75% from today’s rate of 5%. Madigan is proposing that lawmakers break their promise to provide tax relief, and is hoping taxpayers are too blinded by his class warfare political play to notice.
The truth of the matter is this: In 2011, Madigan and the Democrats in Springfield raised taxes, promised the tax increase would be temporary, and that it would help pay off an $8 billion backlog of unpaid bills, get Illinois back on sound fiscal footing and make sure the state has a strong economy. According to our latest report, by the time the tax increase sunsets in January 2015 it will have generated more than $31 billion in additional tax revenue. Yet Madigan and Springfield politicians are still crying poor. And worst of all, Illinois still has a $7 billion backlog of bills, the worst credit rating in the nation and the highest unemployment rate in the Midwest.
It is wrong to ask the hardworking families of Illinois to continue bailing out Springfield’s wasteful spending and continued mismanagement.
Madigan’s latest move is a blatant violation of the promise made to Illinois taxpayers.
Call 1-844-NOTAXIL to tell your legislator to oppose another Springfield money grab.
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Kristina Rasmussen
Executive Vice President
Illinois Policy Action
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