Billions in Proposed Tax Hikes on State and Local Ballots Nov. 3
More than just candidates for office are on the4 ballot Nov. 3. Hundreds of ballot issues will be decided as well, including a number that propose to hike taxes at the state or local level.
According to National Taxpayers Union analyst Thomas Aiello:
…voters will decide on ballot measures that total at least $24.769 billion in annual tax increases or extensions. Of this amount, $14.643 billion is from higher property taxes, $6.2 billion from higher income and payroll tax rates, $1.65 billion from higher sales tax rates, and billions more from other sources. There are also hundreds of measures to issue $50.2 billion in bonds, higher debt obligations that could affect taxpayers for decades.
Among the more costly items voters will decide – a major rewrite of Illinois tax law that would allow the state to raises billions in new taxes:
The Prairie State has been plagued by high outbound migration numbers, stalled economic metrics, and a ballooning budget deficit. This year, voters will decide on a constitutional amendment that would allow a progressive income tax. While it won’t increase taxes directly, the legislature has already passed a bill indicating what the new higher rates will be. At least they’re transparent about their taxation hopes. Locally, voters will vote on six measures to raise property taxes by $42.5 million and two measures to increase sales taxes by $3.8 million. There are also seven measures to issue $87 million in bonds and one measure to lower taxes by $1 million. Illinois’s total potential state and local net tax increase: $3.645 billion annually.
State and local tax issues often don’t get the attention – or scrutiny – that races for political office do. Want to know exactly what’s on your ballot – including any proposed tax hikes? Go here to learn more.
Image Credit: By Jericho [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons