Chicago mayor, Chicago Teachers Union want ‘millionaire tax’ money

Chicago Mayor Brandon Johnson is banking on $300 million in new property taxes from residents in his latest budget. He and his former coworkers at the Chicago Teachers Union want a progressive state income tax to deliver more money to them, not to property tax relief.

Chicago Mayor Brandon Johnson and his former employer, the Chicago Teachers Union, are endorsing another attempt to squeeze more money from Illinoisans – this time through a “millionaire tax” on the Nov. 5 ballot.

In his budget recommendations, Johnson backed a state-level “graduated income tax,” which is on the Nov. 5 ballot as an advisory question that would later need approval from state lawmakers and voters. The same progressive income tax structure was rejected by Illinois voters in 2020 over mistrust of state lawmakers being given the power to pick groups for extra taxation, including retirees.

The advisory question poses an additional 3% tax on incomes over $1 million. The question claims it’s for “property tax relief,” but the math tells a different story.

This tax wouldn’t produce enough money for lawmakers to pay the $4.9 billion gap in what they should be paying to the five statewide public pension funds. The proposed tax would be short by anywhere from $2-$3.3 billion.

Property tax relief when there’s millions in unpaid state bills? It sounds too good to be true, because it is.

When combined with federal taxes, 24,000 small businesses would face a staggering 50.3% top tax rate. This isn’t just a tax on millionaires; it’s on entrepreneurs and business owners who drive our economy.

States with progressive tax structures are watching their residents flee. States with no income tax or flat taxes are gaining population.

Illinois Policy Institute polling showed 51% of Illinois voters would leave if they could, with high taxes being the primary reason.

Johnson's Chicago budget has a nearly $1 billion deficit and runaway spending in addition to a $300 million property tax hike. This latest tax grab appears to be nothing more than a desperate attempt to bail out failed policies, spend more and finance unsustainable union contracts.

Illinoisans should ask themselves before voting on the “millionaire tax” whether they trust the politicians to give them a property tax break, or this proposal is a way to divide and conquer taxpayers by killing the Illinois Constitution’s flat tax protections.

*Paid for by Vote No on Illinois Tax Hikes*