PRESS RELEASE from
ILLINOIS POLICY

CONTACT: Micky Horstman (312) 607-4977

Illinois lawmakers want to bring back a retirement tax  
Illinois Policy launches Vote No on Illinois Tax Hikes ballot committee

CHICAGO (Oct. 21, 2024) – Early voting at permanent polling places begins today in Illinois for the Nov. 5 general election. The first item on the ballot is a non-binding advisory question asking Illinoisans whether the state should adopt a “millionaire” tax for property tax relief.

Illinois Policy has launched a ballot committee, Vote No on Illinois Tax Hikes, to educate Illinoisans on potential consequences of the referendum, including allowing lawmakers to bring back a retirement tax.

To institute a millionaire’s tax, Illinois lawmakers and voters would have to first approve a progressive income tax in the Illinois Constitution, allowing income to be taxed at varying rates. Once this is allowed, Illinois lawmakers could expand it to several kinds of income taxes, including retirement income.

The institute found all 32 states with a progressive tax also have retirement taxes.

“There’s no denying having a progressive tax would empower state lawmakers to go after seniors’ retirement income because the tax could be easier to impose initially,” said Bryce Hill, director of fiscal analysis at Illinois Policy. “This would be one of the most detrimental tax hikes Illinois could implement. Illinois’ constitutional flat income tax is a critical protection for seniors.”

To learn more about Illinois’ ballot advisory questions, visit illin.is/millionairetax.

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