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Along with watching the presidential contest, the biggest race in Illinois leading up to Nov. 3 is the proposed graduated income tax amendment that could overhaul how our fiscally challenged state raises money.
Before the coronavirus started ravaging Illinois, the measure was merely a philosophical debate about who should carry the burden of taxes — what's everyone's "fair" share? Now, each side says the pandemic has made passage or failure far more critical to the state’s economic future.
Outside perhaps the showdown for the White House, the new tax structure is also expected to be the most expensive race this election cycle in Illinois. Already, Vote Yes for Fair Fairness has $4.25 million in the bank to promote the amendment. The effort is backed by Gov. J.B. Pritzker, who’s expected to donate more to the effort in order to get the message to voters.
“It’s the most important referendum we’ve had because it’s a great first step to structurally solving the state’s fiscal problems,” said Ralph Martire, the executive director of the Center for Tax and Budget Accountability.