LWVHP/HWD Supports Illinois Fair Tax Amendment

LWVHP/HWD Supports Illinois Fair Tax Amendment

fFAIR TAX
Type: 
News

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DON’T VOTE ON FAIR TAX UNTIL
YOU GET THE FACTS!

 

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The opponents to the FAIR TAX are spreading a lot of half truths and misinformation that can lead you to believe the graduated income tax amendment will lead to disaster but the FACTS paint a completely different picture.

  • Fair Tax (Graduated Income Tax) has not increased taxes for middle or lower income taxpayers after implementation in 33 of the 34 states that have enacted this form of taxation.
  • Fair Tax will not lead to taxing retirement income. Legislators have the right to do that now and Fair Tax won’t change that. They haven’t taxed retirement income in the past and this change will only give them less incentive because more state income will be generated, causing less need for tax increases.
  • It is unlikely that Illinois will raise its marginal tax rates once the Fair Tax passes.  Nearly all states with graduated income taxes have either decreased the marginal rates or kept them the same. 
  • 97% of taxpayers will be paying less taxes as a result of the implementation of The Fair Tax Amendment.
  • 97% of small business owners and farmers will be paying less taxes as a result of the implementation of The Fair Tax Amendment.
  • Even people and businesses making over $250,000 will be paying the lower tax percentage on the first $250,000 of their earnings.

Check the State of Illinois' Fair Tax Calculator to find what difference the Fair Tax will mean for you

Issues referenced by this article: 
League to which this content belongs: 
Highland Park/Highwood