What You Should Know About the Fair Tax Initiative
• Illinois has a serious structural budget deficit that must be addressed.
• The Fair Tax Proposal will take burden off of lower and middle-income Illinoisans.
• Only those making over $250,000 a year will pay more.
• 97% of Illinoisans will see their taxes cut or remain the same.
• The Fair Tax Proposal will generate additional revenue to fund our schools.
• The wealthy will pay their fair share.
Currently under a Republican controlled county board, members receive a very generous benefit package that includes a Cadillac insurance plan and mileage reimbursement to and from meetings. These benefits for board members currently are costing taxpayers of McHenry County more than $300,000 per year. Not only will I support the elimination of these perks for these part- time elected positions, but if elected I will not claim them for myself.
If elected, I will push hard to roll back local taxes. I am committed to the elimination of waste and achieving greater efficiency at the local level. If the Fair Tax Proposal on the ballot in the fall passes, the state will be able to assume a greater share of support for schools and other services provided at the local level. It is important that we capitalize on this opportunity to reduce the local tax burden.
Notwithstanding a provision in the state constitution that the State has the primary responsibility for financing the system of public education, the state does not adequately support education. Property taxes in Illinois and McHenry County are among the highest in the nation. Taxes for schools account for more than 70% of one’s local taxes.
Fair Tax reform will require wealthy people to pay their fair share, only increasing taxes on the top 3% (those who make more than a quarter- million dollars a year). The vast majority of the increases will be paid by millionaires. Because the brackets are marginalized, everyone will pay the same rate on the first so many dollars earned. The higher rates will only apply to the portion of incomes over the indexed amounts.