Illinois Pushes New ‘Wealth Tax’ as High Earners Flee the State in Droves
28th May 2019
Cash-strapped Illinois is one step closer to passing a new income tax with the potential to seriously accelerate the exodus of high-earning taxpayers from the most financially dysfunctional state in America.
Lawmakers in the Illinois House of Representatives on Monday approved a constitutional amendment aiming to get rid of the state’s flat income tax, clearing the way for the amendment to be included on the November 2020 ballot for ratification by the voters. Governor JB Pritzker is widely expected to sign it the amendment, which has already been passed by the State Senate.
Politicians seem to think that people will just sit still and stand for having their pockets picked. Chicago ain’t New Yawk, and it ain’t L.A.; people are going to leave. (Actually, I can’t think of any reason for a rich person to be in Illinois in the first place.)