CHICAGO TRIBUNE: Progressive income tax proposal would sink Illinois
“The Land of Lincoln is on the precipice of a financial disaster, and the window to repair our damaged state is shrinking every single day. Instead of reforming public employee pensions and Medicaid, some people are promoting a progressive income tax constitutional amendment — a code phrase for another massive tax increase. The adoption of a progressive income tax would be the final nail in the coffin of our great state. We need to cut spending, not raise taxes.
Illinois is a great state with attractive natural resources, solid infrastructure and outstanding people. However, our finances are a mess. Despite a massive 32 percent income tax increase approved last year, our state has the worst credit rating of all 50 states and, according to Moody’s rating agency, an unfunded pension liability of about $250 billion, a sum far greater that the $133 billion calculated by the state. It is little wonder that Illinois lost 33,000 people net last year and that we recently fell behind Pennsylvania in population…”