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.

Squeezing Illinoisans for More Revenue

The Push for a "Millionaire Tax"

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. The proposed tax would add an additional 3% levy on incomes over $1 million, with the promise of providing "property tax relief." However, the math behind this proposal tells a different story.

Falling Short of Pension Obligations

The revenue generated by the "millionaire tax" would not be enough to cover the $4.9 billion gap in what the state should be paying to the five statewide public pension funds. In fact, the proposed tax would fall short by anywhere from $2 to $3.3 billion, leaving a significant shortfall. This raises questions about the true intentions behind the "property tax relief" claim.

Burdening Small Businesses

When combined with federal taxes, the proposed "millionaire tax" would result in a staggering 50.3% top tax rate for 24,000 small businesses in Illinois. This is not just a tax on the wealthy; it's a burden on the entrepreneurs and business owners who drive the state's economy. Such a high tax burden could have far-reaching consequences, potentially stifling economic growth and innovation.

The Exodus of Residents

States with progressive tax structures, like the one proposed in Illinois, have witnessed their residents fleeing to other states with no income tax or flat tax rates. This trend is not surprising, as people seek to escape the heavy tax burden and seek better opportunities elsewhere. Illinois Policy Institute polling has shown that 51% of Illinois voters would leave the state if they could, with high taxes being the primary reason.

Unsustainable Spending and Deficits

Mayor Johnson's Chicago budget has a nearly $1 billion deficit and runaway spending, in addition to the proposed $300 million property tax hike. This latest tax grab appears to be a desperate attempt to bail out failed policies, spend more, and finance unsustainable union contracts. Illinoisans should question whether they can trust the politicians to provide genuine property tax relief or if this proposal is merely a way to divide and conquer taxpayers by undermining the state's flat tax protections.In conclusion, the "millionaire tax" proposal in Illinois is a risky gamble that may not deliver the promised property tax relief. Instead, it could further burden small businesses, drive residents out of the state, and perpetuate the cycle of unsustainable spending and deficits. Illinoisans should carefully consider the implications of this tax hike before casting their votes.