Fair Tax needed ‘now more than ever’
The Fair Tax constitutional amendment facing Illinois voters this fall is needed “now more than ever” as the coronavirus pandemic pushes costs for public health and other needs up and state and local government revenues down.
That’s according to Governor Pritzker, who presented revised budget figures on April 15. The projections show a possible 2021 deficit of more than $7 billion unless the Fair Tax is approved in November.
The Fair Tax would generate billions by raising rates on income over a quarter-million dollars a year, while the 97% of taxpayers who make less would get a tax cut (or pay no more than they do now).
“The people who are hardest hit by the pandemic are the same people who would benefit from the Fair Tax,” state Senate President Don Harmon told WCIA-TV.
“Those individuals and small business owners who aren’t earning well north of $250,000, who are worried about losing their jobs, who have already lost their jobs, who have closed their businesses—those are the people we want to give a tax cut to,” Harmon said. “Those lucky enough to be earning more than that are less likely to be so directly impacted by this pandemic.”
“Coronavirus has impacted nearly every facet of our state, but one thing that hasn’t changed is the need for a tax system that works for everyone, not just the wealthiest Illinoisans,” said Quentin Fulks of Vote Yes for Fairness. “Our current tax system is outdated and fundamentally unfair, burdening the middle and lower-income families who are suffering most from this crisis. The Fair Tax will set this right, while ensuring 97% of Illinoisans see no tax increase or receive a tax cut.”