(WBBM NEWSRADIO) -- A proposed constitutional amendment to overhaul the Illinois personal income tax — making wealthier people pay more — wouldn’t make a dent in the state’s deep budget problems, a government watchdog says.
The tax measure on the Nov. 3 ballot would create a “graduated” income tax rate where a flat-rate now exists.
Proponents like Gov. JB Pritzker say the switch would go a long way toward balancing the state’s books. But opponents of say it won’t bring in anything close to the revenue needed.
David Greising, president of the Better Government Association, offers some perspective. He notes Illinois state government has $8 billion in unpaid bills; a $7 billion hole in the current budget; and $137 billion in pension liabilities after decades of pension “holidays.”
“The progressive tax would bring in about $3.4 billion. That’s a good amount of money. But it’s not nearly enough to make a significant dent in these bigger problems the state has,” he says.
Greising says it would make more sense to combine pension reform with a graduated income tax.
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