Why is Ken Griffin against a progressive income tax? Because he’s rich.

There’s Ken Griffin in today’s Chicago Tribune arguing against a change to the Illinois constitution which would move the state from a flat income tax to a graduated, progressive income tax.

What a shock coming from either the richest or second richest man in Illinois.

What did you earn last year? Unless you are retired you paid 4.95% on your earned income. No retirement income is taxed in Illinois and the constitutional amendment doesn’t change that.

With Illinois’ flat tax Ken Griffin and his billionaire buddies also paid 4.95% of their income in state tax. Maybe less, since they have good accountants who are paid big bucks for finding the loop holes you don’t know anything about.

Think Trump’s $750.

With a flat tax, who has more of their income left over after taxes?

You or the billionaires?

Plus governments and school districts in the state must use local property taxes, high sales taxes and taxes of every day services to make up the difference.

Those are regressive taxes which are a bigger hurt on poor and working people, and retirees are not exempt.

In his Tribune op-ed piece Griffin lays out all the financial troubles of our state.

Many of the troubles he points out are true.

But remember this.

We are in this financial mess with the current flat tax.

Ken Griffin is a hedge fund manager and head of Citadel LLC.

He is worth $15 billion dollars.

Why is he against paying more in state income tax?

Because whatever he is, he isn’t stupid.

3 thoughts on “Why is Ken Griffin against a progressive income tax? Because he’s rich.

  1. Hi Fred,

    I was a 25 year IEA member and local leader. I am now on staff in southern Illinois. I love your blog.

    I have been beating my head against the wall using every argument under the sun on why we need to vote yes to a progressive income tax.

    Even though you have not said anything different than my arguments, you have addressed them in a different way. I wonder if you mind if I use some of your sentences on my FB page when trying to convince IEA members that they are voting against their own self interest, if they insist on voting no.

    Thank you for the blog. I look forward to reading it every day.

    Stay save and be well.
    Kathy

    Sent from kj’s iPhone 🙂

    1. Kathy: Please contact the League of Women Voters of Illinois for speakers & points. They’ve got this thoroughly covered: there is a plethora of arguments against–a huge # of League leaders & members have been working on this issue for years, & are quite expert. The LWVIL, after careful study (the scope of our studies is quite extensive) endorses the Fair Tax. Please find facts, speakers, etc. by going to http://www.lwvil.org

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