According to State Senator Bill Brady (R-Bloomington) a proposal from House Speaker Michael Madigan to impose a tax surcharge that punishes people who make too much money, will only cause them to leave Illinois for states with better tax policies and take the money they would have paid in taxes with them.
“This proposal imposes a 3% surcharge on people who make over a certain threshold with the promise that the revenue generated will be used to fund schools. I absolutely want to ensure proper funding for schools, but this sounds an awful lot like the time we were promised that the largest tax increase in state history, a tax we were promised was temporary, would be used to pay down state debt,” said Brady. “As we all know that promise has been broken.
“In recent years study after study has shown that people are leaving Illinois. This targets the very people who have the greatest ability to move out of Illinois and sends a very clear message that they are not welcome here. Imposing this new surcharge will ensure that people leave Illinois and take the money they would have paid in income taxes, property taxes, sales tax, and other taxes with them.” said Brady. “Additionally, this short-sighted proposal focuses on increasing revenue, while ignoring the fact that Illinois has a spending problem. Revenue boosters are short-term solutions, we need long-term solutions to address Illinois’ out-of-control and wasteful spending.”