PRESS RELEASE from
ILLINOIS POLICY

CONTACT: Micky Horstman (312) 607-4977

Election night: Statements from Illinois Policy
“Millionaire tax” poised to see majority approval; Barrington Township supports pension referendum

CHICAGO (Nov. 5, 2024) – With about 60% of the statewide vote tallied, 61.1% of Illinoisans were approving the non-binding “millionaire tax” question Nov. 5, opening the door for state lawmakers to potentially change Illinois’ income tax structure from a flat tax to a progressive structure.

Additionally, Barrington Township voters accepted the proposal gauging residents’ interest on constitutional pension reform, with 73% voting “yes” and 27% voting “no” with all precincts reporting.

Matt Paprocki, President and CEO of Illinois Policy, released the following statements:

On Illinois’ “millionaire tax” advisory question: 

“Voters have made it clear they have had enough of rising property taxes. They deserve meaningful relief that goes beyond lip service. But hiking taxes on millionaires would not accomplish anything except drive jobs and investment out of Illinois and open the door to further tax increases.

“The truth is nearly 24,000 of those ‘millionaires’ are small businesses who are vital to the state’s economy and are prolific job creators. Political leaders such as Chicago Mayor Brandon Johnson want these higher taxes to fill their own budget holes. These leaders cannot be trusted. There’s a reason a majority of Illinois voters in 2020 rejected giving up the Illinois Constitution’s flat tax protections and refused to trust state lawmakers to set progressive rates as they saw fit.

“The only way to truly bring relief is through constitutional pension reform, a policy that is both effective and popular. In fact, a majority of voters in Barrington Township showed their support for this reform on a non-binding referendum question this year. Political leaders should make this their top focus in 2025 when lawmakers return to Springfield.”

On the Barrington Township pension referendum: 

“For the first time voters were given a voice on the single-largest fiscal issue facing the state. The results show what we knew to be true: constitutional pension reform is popular among voters as a solution that protects existing retirees’ pensions while also allowing for changes in the growing pension costs.

“Taxpayers have suffered under rising property taxes for too long. Local governments have struggled under tightening budgets as the pension crisis ballooned. This should be a rallying cry for state lawmakers to meaningfully solve the problem and protect Illinois’ future.”

To learn more about this referendum, visit illin.is/Barringtonreform.
To learn more about this ballot advisory question, visit illin.is/millionairepass.

For interviews or interviews, contact media@illinoispolicy.org or (312) 607-4977.