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.