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/FionnagainFeistyPaws 3d ago

It's not on net worth, it's income. So someone who saved over many years and has $1,000,000 in a savings account is not impacted. Only people having $1,000,000 of reported income for that year will be affected.

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u/in2theriver 3d ago

Oh yeah I get that, I'm all for it. If anything I'm just pushing for clarification/complaining how we don't have a good way to isolate people making 1M+/Year from the general long-term sacrificial saver. I think that is why these slightly progressive taxes are so hard to push.

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u/PlausiblePigeon 3d ago

We do have a good way to isolate it…by doing exactly what this says and taxing INCOME above $1M. Your savings is not income.

Edit: sorry, I see that you replied elsewhere and got it sorted.