McSweeney Attacks Tax Hike Proposal

A press release from State Rep. David McSweeney:

McSweeney Blasts Latest Tax Increase Proposal

SPRINGFIELD – State Representative David McSweeney (R-Barrington Hills) today sharply criticized a proposed amendment to the state’s Constitution to add a 3% tax surcharge.

David McSweeney

David McSweeney

“This tax increase proposal is bad for Illinois and continues our shameful tradition of punishing job creators,” McSweeney said.

“It seems that the some people aren’t satisfied with Illinois’ embarrassing rate of out-migration, they want to amend the Constitution to drive even more employers out of the state. Make no mistake about this job killing legislation – it would hurt small businesses owners that pay taxes at the individual income tax rate. Many small businesses, which account for 80% of new jobs in Illinois, are set up as Subchaper S, Limited Liability Companies or partnerships and pay taxes at the individual rate”

HJRCA 51, which would add the 3% surcharge, claims to help fund public education. McSweeney pointed out that similar promises were made when the state lottery was introduced.

“What politicians ultimately did was use the new revenue as a substitute, rather than a supplement, leaving education funding levels where they were, and making off with the extra revenue for more government spending,” McSweeney said. “The people of Illinois won’t fall for that same old deception again.”

In order to become law, the amendment would need to pass by super-majority votes in both the House and Senate, then be approved by voters on the November ballot.


Comments

McSweeney Attacks Tax Hike Proposal — 9 Comments

  1. Hot off the Press.

    Illinios House Joint Resolution Constitutional Amendment 51 (HJRCA 51) in the 98th General Assembly.

    Short Description: REVENUE-EDUCATION.

    House Sponsors: Rep. Michael J. Madigan.

    March 20, 2014: Filed with the Clerk by Michael J. Madigan.

    March 20, 2014: First Reading.

    March 20, 2014: Referred to Rules Committee.

    Synopsis As Introduced: “Proposes to amend the Revenue Article of the Illinois Constitution. Provides that an additional income tax shall be imposed on individuals in an amount equal to 3% of the portion of the individual’s income that is greater than $1,000,000 for the taxable year. Provides that the revenue collected from the tax shall be distributed to school districts on a per pupil basis. Effective upon being declared adopted.”
    http://www.ilga.gov > Bills and Resolutions > House – Joint Resolution Constitutional Amendments > HJRCA0051 REVENUE-EDUCATION.

    The Democratic Leader in Illinois Goes after the Millionaires to Fund Public Education and his campaign with campaign contributions, votes, and electioneering assistance from Unions in exchange for favorable Legislation from Politicians.

    No mention of school choice.

    As McSweeney mentioned tax streams to dedicated causes don’t necessarily prevent existing revenue streams from being shifted elsewhere.

    How much revenue is the tax on millionaires anticipated to generate?

    Maybe the Millionaires would be more agreeable to part with their money if there was more choices as to how their money is spent on educating children.

  2. Let’s call it the 3% Millionaire Special Interest Education Tax.

    Because it’s not really about educating kids.

    He’s only interested in educating kids if it involves special interest groups that can fund the
    political campaigns of Madigan and his Friends.

    How about if Madigan funds parents instead of special interest groups.

    How about if parents can take those taxpayer dollars and decide where to send their kid?

    Instead of the kid being a pot of gold for special interest groups.

  3. Doesn’t the House have a rule now whereas if one member objects, the bill doesn’t get called to vote?

    Maybe there are exceptions or loopholes to the rule.

  4. This law will not affect all those hedge fund managers making more than a Million Dollars a year because their income is deemed capital gain and not ordinary income through loop hole in the Internal Revenue Code.

    Many of these hedge fund managers invest pension funds and are probably the only ones left in Illinois making more than a Million a year.

    OOPS neither party wants you to know this little secret as it may dry up campaign donations.

    Given voter turnout, nobody is listening or cares anyway.

  5. Wirepoints has an article today dated tomorrow about Madigan’s Proposed Tax of 3% On Income over $1,000,000.

    Wirepoints in turn cites an AP article which appears on US News and World Reports.

    Read all about it.

    Illinois hiding from data essential to considering Madigan’s surcharge on the rich – WP Original.

    March 21, 2014.

    by Mark Glennon.

    http://www.wirepoints.com/illinois-hiding-from-the-critical-data-needed-to-assess-madigans-surcharge-on-the-rich-wp-original

  6. Look at Maryland’s success story of taxing millionaires.

    Every one of them moved their residency out of state.

    I truly would like to meet an intelligent person one day who may be able to describe how raising taxes on the most mobile, best represented legally/financially and most productive members of society is a net tax gain.

    Class warfare is a sure way to stop investment under your government.

    Whether you are an African dictator, the French or an Illinois governor.

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