Even after voters overwhelming rejected the Governor’s 2020 plan to amend the state’s Constitution so he could raise taxes, Democrats remain steadfast in their efforts to try once again to raid our pocketbooks.
One new plan for 2023 reintroduces the Governor’s failed tax increase scheme. According to the Democratic senator promoting the progressive tax effort in a recent news story, “…(R)evenue trajectories long-term don’t match our debt trajectories.” But what he doesn’t disclose is the skyward-bound debt trajectory was catapulted even higher this year when Democrats passed a 17% pay raise for lawmakers. Instead of aiming their sights on cutting costs to reduce debt, Democrats are hoping taxpayers will change their minds and vote to amend the Constitution to increase taxes and support reckless spending.
Another Democratic lawmaker is pushing a new wealth tax. The plan would require “wealthy” taxpayers to annually recognize gains in the value of their assets (like land and investments) and pay income tax on those gains each year. Currently capital gains are taxed when assets are sold, they are not assessed annually. The wealth tax strategy will drive even more Illinoisans to states with lower taxes – leaving those who cannot afford to move to pick up the tab created by the exodus and the throttled-up spending by Democrats.
In contrast, Republicans want to live within the state’s means by establishing a revenue estimate to which we gear spending and a balanced budget. Additionally, we want the state to look at ways it can innovate to improve service delivery while at the same time cutting costs. What’s more, with controlled spending the state could even lower taxes and keep money in the pockets of hardworking Illinoisans, helping to balance their budgets as well.
There is a win-win proposition and it starts with balance. A balanced budget that controls spending and just as important, an improved process of checks and balances to ensure Illinoisans can weigh-in on budgetary issues. While the new tax increase proposals have yet to be introduced as legislation, we are monitoring the discussions and will keep you updated here.