Tag Archives: unfunded liabilities

If Governor J.B. Pritzker has his way, Illinois will institute a graduated income tax to replace its flat 4.95 percent tax rate. The governor claims that increasing the tax rate will generate billions in new revenue while only raising taxes on the wealthiest 3 percent of taxpayers with income of more than $250,000.

Before legislators can consider the proposal, however, voters must first pass a referendum that removes language in the state constitution mandating a flat income tax rate. They face an uphill battle: though Democrats control the Illinois General Assembly, the rules require that the referendum for a state …