Madigan’s millionaire tax returns
House Speaker Mike Madigan couldn’t get a progressive tax hike on the November ballot. His next effort, to get an extension of the tax hike, has failed so far. Now, he is back with yet another money-grab scheme. Madigan has proposed an advisory referendum on the fall ballot proposing a millionaire surcharge. (An advisory referendum...
House Speaker Mike Madigan couldn’t get a progressive tax hike on the November ballot. His next effort, to get an extension of the tax hike, has failed so far. Now, he is back with yet another money-grab scheme.
Madigan has proposed an advisory referendum on the fall ballot proposing a millionaire surcharge. (An advisory referendum vote isn’t binding, but is used to get a pulse on voter sentiment.)
In reality, a millionaire tax is a steep tax on Illinois’ small business and job creators.
At a time when Illinois can ill-afford to lose any businesses and job-creators, Madigan proposing is an additional 3 percent tax on incomes of more than $1 million. While Madigan might fancifully believe that these millionaires will take this one on the chin and pony up more money to feed Springfield’s insatiable appetite for more taxpayer cash, he couldn’t be more wrong.
Those in the top income bracket in Illinois are the state’s job creators – who are already endangered, as evidenced by the out-migration of 1.3 million Illinoisans over the course of Madigan’s leadership. In fact, Internal Revenue Service data show that half of the dollars from the million-plus income bracket come directly from activities that create jobs.
What Springfield lawmakers supporting this measure don’t realize is that assets and capital are mobile. People have the means and resources to pull up stakes and park their future investments elsewhere.
Illinois’ message to job-creators is increasingly clear: the state’s political leadership wants to punish you for achieving success. At a time when Indiana, Wisconsin, Florida and Texas are welcoming new entrants from over-taxed states with open arms, Madigan is doubling down on economic failure and destruction to feed Springfield’s insatiable appetite for a larger share of your wealth and capital.
Once these jobs leave the state, the middle- and lower- income Illinois taxpayers will be left to pick up the tab for Madigan’s latest money grab.
