The progressive tax could lower the marginal tax rate of 94 percent of the state’s taxpayers.
It's clear that the state's budget crisis is a complicated problem with no quick fix.
If you want to believe "unaffordable" pension benefits promised to public sector workers like teachers and social workers caused Illinois' outsized, $83 billion unfunded pension liability, stop reading now. This column will only make your head hurt by disproving that canard with facts. If you'd rather understand both the true cause of that underfunding and how it actually strains the state's budget, then continue reading.
Ralph Martire, executive director of the Center for Tax and Budget Accountability, says the proposal would be “insufficient and probably counterproductive.”