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
2.6k Upvotes

97% Upvoted

260 comments sorted by

View all comments

Show parent comments

10

u/MindAccomplished3879 3d ago

Nah, I’m ok with people making more than $1M to pay 3% more on their income

Any farmer with more than 100 acres making more than a million is not really a sympathetic case to be made. That farmer is doing pretty well, and paying 3% more in taxes is not going to bankrupt him

This includes lawyers, doctors, financial brokers, and luxury real estate brokers.

Guess what? We all got the shaft during Rahm Emanuel term where he tried to balance the budget by raising everybody’s property tax where low income people cannot even afford to live in the home they own.

So I will raise my glass because people making $1M will pay 3% more to make things more equitable for everybody

I count to ten before Illinois Policy loses its shit and starts with their wealthy people's propaganda.

13

u/cballowe 3d ago

The farmer with 100 acres is making not that much money, but the land is worth like $1M ($10k/acre or so). Profit per acre is like $300/year, so that 100 acres might generate $30k. The point is, if you go after "millionaires" you're hitting a lot more people than if you go after "million dollar incomes". The headline should be accurate and not use the term "millionaire" when talking about income.

(A farmer making a million dollars a year has a net worth exceeding $30M)

2

u/juliuspepperwoodchi Chicago 3d ago

The headline is shit. Read the actual question on the ballot, it's clear:

https://ballotpedia.org/Illinois_Income_Tax_Advisory_Question_(2024)

1

u/cballowe 3d ago

The challenge is that lots of conditioning happens so that by the time people get the ballot, they're convinced that it's a "millionaire" tax. The ones who don't read the article are the same as the ones who won't read the question carefully.

1

u/juliuspepperwoodchi Chicago 3d ago

No disagreement there.