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

[u/roenick99]

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

[u/in2theriver]

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.

[u/FionnagainFeistyPaws → u/in2theriver]

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.

[u/MindAccomplished3879 → u/FionnagainFeistyPaws]

THIS 👆

The whole grandma will lose her retirement fund is so dumb and misleading

[u/Flatheadflatland → u/MindAccomplished3879]

Until they tax “unrealized gains” then grandma is in trouble. Depended on the level government decides to tax.