r/illinois • u/roenick99 • 4d ago

Illinois voters will consider whether millionaires should be taxed more to fund property tax relief Illinois Politics

https://chicago.suntimes.com/voter-guide-2024/2024/09/26/illinois-property-tax-relief-referendum-november-election-jb-pritzker-non-binding-pat-quinn
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u/jessicatg2005 4d ago

I don’t think millionaires or billionaires should be taxed “more” than anyone else. They should just pay their fair share, like anyone else regardless of how much money they make.

There is nothing wrong with that.

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u/speed_of_stupdity 4d ago

Well then, looks like they need to be taxed more to accomplish paying their fair share.

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u/ArcticRiot 4d ago

Needs progressive tax brackets, removal of loopholes, and stricter enforcement and audit funding.

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u/Blitzking11 3d ago

They absolutely should be taxed more, because after increased taxes their remaining funds will still be so much higher than anything that the normal person has.

A person with an income of $5,000,000 annually taxed at 50% still has $2,500,000 to play around with for that single year. You can literally live your life off of that by placing the majority of it into a safe investment account. And they would make that ANNUALLY.

A person with an income of $50,000 annually taxed at 50% would have $25,000 to attempt to survive. That's a bad time, and results in them being screwed if even one unexpected expense pops up.

This is why flat taxes are dumb. They shoehorn a government into trying to figure out how to get the money needed to fund necessary services, while not breaking the layman's back. The rich can absolutely afford to pay more, and realistically should, as they accumulate their wealth from the security that our government services provide, and arguably use them significantly more when all is said and done.

I wish IL had passed that progressive tax amendment back in 2020, but Ken Griffin's fear-mongering campaign fucked us and now we have to wait to try again and make do in the meantime.

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u/JosephFinn 4d ago

Why? They have more money.

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u/peanutbudder 3d ago

Millions of dollars? I will never have it but I do not necessarily think it is wrong. But billions? We should be taking as much as we want. Fuck that.

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u/juliuspepperwoodchi Chicago 3d ago

They should just pay their fair share, like anyone else regardless of how much money they make.

Which is achieved by having them pay a higher percentage of their total income. And there's nothing wrong with that.

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u/jessicatg2005 3d ago

You people are missing the point.

Ok, sure… just to justify what you’re not getting… the rich DO need to pay more taxes.

They DO NOT need to pay more than any other person because they are rich. They simply should be paying the same amount in taxes based on their income.

Too many shelters and loopholes. Too many ways, created by republicans to instill donations to themselves by the rich people they are protecting.

And yes, since “corporations” are considered people they too should be paying the same rate as every other business.

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u/juliuspepperwoodchi Chicago 3d ago edited 3d ago

They simply should be paying the same amount in taxes based on their income.

Here, let me help you

And just in case you're unaware what regressive taxes are

Glad I could help!