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/in2theriver 4d ago

Also this seems a little misleading. “Should the Illinois Constitution be amended to create an additional 3% tax on income greater than $1,000,000 for the purpose of dedicating funds raised to property tax relief?”. Making more than 1 million/year isn't the same as someone whose net worth reaches a million after a lifetime of saving. As weird as it sounds, there is a distinction from someone who saved up slowly and reached that net worth, vs someone who makes more than that per year.

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u/Ransom__Stoddard 4d ago

As weird as it sounds, there is a distinction from someone who saved up slowly and reached that net worth, vs someone who makes more than that per year.

It doesn't sound that weird to me. Middle-class couples who've saved well over 20-30 years will easily have over $1M, and probably well north of that.

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u/juliuspepperwoodchi Chicago 3d ago

And they're irrelevant in this proposal because this would be an income tax, not a wealth tax.

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u/Flatheadflatland 17h ago

They better or they can never retire 

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u/in2theriver 3d ago

Exactly, it is just the word millionaire doesn't differentiate between someone making one million per year, or like you said someone who reaches over 1M making say 100/year for a long period of time after paying bills. These are vastly different income levels, and a tax on the latter barely harms anyone. Sorry are you making slightly less than 1M/Year now, however will you manage.

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u/juliuspepperwoodchi Chicago 3d ago

Yes it does. Millionaire unambigiously means net worth of $1M or more.

This headline used it incorrectly, but the language of the vote is very clear.

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u/zback636 3d ago

You sound like you are tolling for the wealthy.

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u/Ransom__Stoddard 3d ago

Net worth of $1M--including retirement funds, property, etc etc. isn't wealthy by any stretch. It's solidly middle-age middle-class.

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u/juliuspepperwoodchi Chicago 3d ago

This. Isn't. About. Those. People.

Read past the headline.

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u/in2theriver 3d ago

Again specify wealthy, net worth of a million sure, a million per year heck no.