Democrats Want Millionaires to Move

Dollar flags

If your income taxes went up 3%, would you move out of Illinois, if you could?

House Speaker Mike Madigan has proposed a constitutional amendment to increase the tax rate on those earning over $1 million a year.

Under one of the denunciation press releases commenter “Priest” observes the following:

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.

Here is the synopsis of the proposed Constitutional Amendment:

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.


Comments

Democrats Want Millionaires to Move — 6 Comments

  1. I wonder how many of them already own residences in other states.

    It’s as easy as changing your drivers license and file your taxes from Florida with no state income tax.

  2. One should really question articles like this.

    Clearly there are millionaires in Maryland.

    A recent article http://www.cnbc.com/id/101338309 shows the state has the most millionaires of any state, 169,287 to be exact.

    Even if you didn’t know anything, how likely is it every millionaire would move out of any state???

    It would be interesting to know how much cash the state collected.

  3. Ted’s comment highlights the loose use of language that we often engage in: as couched, the tax is an income tax, so millionaires who are now earning less than $1 million per year would not be affected.

    It’s been a while, but I recall stories showing that Maryland’s gross receipts went down after its tax was implemented.

  4. Net worth is radically different from taxable income.

    Anyone with a brain and the wherewithal will go where the world around them is advantageous to themselves.

    When Maryland tried to raise taxes those who were hurt the most changed residency.

  5. Hmmmmmmmm, What about the wealthy Franks Family?

    I’d love to see them move …….. to Attu Island!

  6. I neglected to write ‘super-rich’ above ………or bring up the bonzer reapings from McHenry foreclosures garnered by the Franks Law Firm

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