No matter how much money a person makes, Illinois residents all pay the same income tax rate. A pair of new proposals could change that by taking aim at the bank accounts of high earners.
, Martwick wants to try again because he said the what the Fair Tax hoped to accomplish remains the same.
“I think the middle class is overtaxed,” Martwick said. “And all I want to do is, I want to take that flat tax structure and tip it a little. I want to ask those people that have done so well and made so much money in our economy to pay a little bit more ... . The middle class is the consumer class. They drive our economy. We need them to be healthy in the state of Illinois.”
“That’s not something that I’m focused on this session,” he told reporters Thursday on a conference call from Davos, Switzerland. State Rep. Will Guzzardi, a Democrat from Chicago, also backed the graduated income tax in 2020. Now, though, he's pitching a so-called “wealth tax.” Guzzardi said the Illinois Department of Revenue already has a decent accounting of these assets and that a qualifying Illinois resident’s assets would be taxed wherever they’re based.Guzzardi said his plan would work like another form of an income tax.
“That’s because until you sell it, you don’t actually have any more liquid value,” Walczak said. “You don’t have something to pay it with. And, of course, there’s fluctuation over time … . Stock can go up one year and down another year. And when you sell it, you don’t get the benefit of every time it went up without also having the offset of when it went down. This would assess you every year on the gains, and ...
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