In addition to the candidate’s name, Illinois voters will also see three advisory questions on their ballot.
One question asks about the possibility of income tax reform, which former Gov. Pat Quinn and other income tax advocates say is necessary to fix an “upside down” system.
“Currently, millionaires have tax breaks, and ordinary people are being taxed and have high property taxes. This is not a fair system,” Quinn said at a Capitol Hill press conference on Oct. 9. said.
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Here’s what you need to know:
What specific language will appear on my ballot?
The question should be: “Should the Illinois Constitution be amended to create a 3% surcharge on incomes over $1 million to use the funds raised for property tax relief?”
Why are such questions asked in the first place?
In May, Gov. J.B. Pritzker signed into law a bill that addresses election interference and insurance coverage for reproductive medical treatments such as in vitro fertilization, as well as income tax issues.
It will also give lawmakers insight into what kind of tax reform they want from voters who pay the second-highest property taxes in the nation. Three million households paid $23.2 billion in residential property taxes in 2022, according to the latest data from the Illinois Department of Revenue.
Will the passage of this bill have any impact on property taxes?
Voters supporting this measure would have no immediate effect, but it could lead to another vote on a constitutional amendment as early as 2026.
Citing data collected by the state Department of Revenue, Quinn said the tax would collect an additional $4.5 billion in revenue if enacted. That money would be placed in the state’s Property Tax Relief Trust Fund and distributed to homeowners in the form of rebates.
If your income is less than $1 million, your property taxes will remain the same.
“If we return money to homeowners in the form of property tax refunds, they will use that money to generate economic activity for the benefit of Illinois,” he said.
Have similar questions been asked of voters?
In 2020, Illinois voters rejected a constitutional amendment that would have eliminated the state’s flat income tax. Instead, it was supposed to introduce a graduated income tax, but after a battle between Citadel founder Ken Griffin and billionaire Pritzker, Griffin was the winner.
However, voters in 2014 approved an advisory referendum that would also impose a 3% tax on income over $1 million to provide more resources for school districts.
Contact Patrick M. Keck: pkeck@gannett.com, twitter.com/@pkeckreporter.
