Nelms and Berkowitz suggest the so called “Fair Tax,” is anything but, discussing the fact that Pritzker needs $15 billion dollars more per year, not the $3. 4 billion more advertised to meet his spending plans- which could result in middle class marginal tax rates climbing to as high as 14%.
Watch Andrew Nelms, Senior Adviser, AFP Action with "Public Affairs" show host Jeff Berkowitz discuss whether Gov. Pritzker's "Fair tax," is unfair, and more harmful than helpful to solve the State's enormous fiscal problems.
The show featuring Nelms airs tonight throughout Chicago proper at 9:04 pm on Cable Ch. 21 (CAN TV).
The show w/Nelms also airs tonight at 8:30 pm in 25 Chicago Metro north and northwest suburbs:
--on Comcast Cable Ch. 19 in Buffalo Grove, Elk Grove Village, Hoffman Estates, parts of Inverness, Lincolnwood, Morton Grove, Niles, Northfield, Palatine, Rolling Meadows and Wilmette and on
--on Comcast Cable Ch. 35 in Arlington Heights, Bartlett, Glenview, Golf, Des Plaines, Hanover Park, Mt. Prospect, Northbrook, Park Ridge, Prospect Heights, Schaumburg, Skokie, Streamwood and Wheeling.
Nelms and Berkowitz Gov. Pritzker discuss how when when raising taxes to pay down the backlog of bills for IL Government services, to pay the actuarial amount due on IL public sector pensions and to raise income taxes by the amount needed to provide true property relief, the Governor's annual income tax needs climb to $15 billion dollars a year more for his spending plans than advertised- which could result in middle class marginal tax rates climbing to as high as 14%.
Moreover, Illinois, already rated by Kiplinger as the Nation’s "Least tax friendly state," has lost 170,000 residents in the last decade. Now, Illinois could suffer another massive out-surge of productive citizens and employers if Gov. Pritzker big tax boost (aka a "Progressive income tax" is approved by the citizen referendum in IL on Nov. 3).
Further, it is often emphasized that in progressive income tax states, those taxes are always accompanied by taxes on retirement income- one of the few taxes so far avoided by the "High tax state of Illinois."More bad news of Illinois' taxpayers.
Also, Nelms discusses with host Berkowitz the likely outflow of Illinois’ citizens to “Zero income tax,” e.g., Florida, Texas and Tennessee- not to mention Illinois’ residents fleeing to the adjacent flat tax states of Indiana, Michigan and Kentucky.
Finally, Berkowitz and Nelms discuss various reforms that could have been considered by Gov. Pritzker to fix Illinois’ fiscal woes (which include more than $400 billion in State and local government pension liabilities), and ask if the Governor's big tax increase does what is needed to fix Illinois' enormous fiscal problems.
It's clear the answer to that question is NO because Gov. Pritzker and his ruling Democratic Party refuse to pursue any significant reforms or spending cuts. Without reforms and spending cuts, Governor Pritzker's "Fair Tax" will become an unfair tax on the middle class.
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