The state would have to pass a new law authorizing a tax on retirement income, making that topic speculation for now.Īs for the campaigns for and against the amendment, it is a heavyweight battle between two Illinois billionaires. The Fair Tax has nothing to do with taxing retirement income,” Fulks said. Opponents have also warned seniors, who have said the amendment could lead to a tax on retirement income, which is currently banned by state law. Trust is in short supply for the state of Illinois government,” Mooney said. “The problem with that and the advantage that the opponents have is that this requires trust. You are asked to decide whether the proposed amendment should become a part of the Illinois Constitution.” It gives the State the ability to impose higher tax rates on those with higher income levels and lower income tax rates on those with middle or lower income levels. The amendment does not itself change tax rates. The question continues: “The amendment would remove the portion of the Revenue Article of the Illinois Constitution that is sometimes referred to as the ‘flat tax,’ that requires all taxes on income to be at the same rate. “The proposed amendment grants the State authority to impose higher income tax rates on higher income levels, which is how the federal government and a majority of other states do it.” Please look at the time stamp on the story to see when it was last updated.īeyond the national attention of the presidential election, Illinois voters have been hearing about the graduated tax amendment for months.Ī prime issue at the top of the ballot, listed above the choices for President and Congresspeople is this question: This is an archived article and the information in the article may be outdated.
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