Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

ck4829

(35,900 posts)
Sun Jun 12, 2022, 07:42 AM Jun 2022

Robert Bruno: Working Illinoisans pull their weight in taxes. Billionaires need to chip in too.

Robert Bruno: Working Illinoisans pull their weight in taxes. Our future depends on billionaires doing so too.

Our tax code is rooted in a simple principle: If you work hard for a living and pay what you owe, you deserve a fair shot at building wealth. As a professor of labor and employment relations, I have studied why this fundamentally American concept feels more like mythology for most working people.

Between 1980 and 2018, the top 1% of Illinois households saw their incomes rise by 111.6 %. In that same time, the median household saw a real income growth of only 8.5%. Since inflation rates reached an eye-opening 8.5% in March, that income growth has already failed to keep up with historically high costs for gas, fuel and housing.

But inflation alone doesn’t explain why working-class and middle-class families in Illinois actually pay a larger share of their income in taxes than wealthy households.

The real sources of wealth in America’s richest households do not come from hourly wages or yearly salaries. The bulk of their wealth lies in the assets they accumulate. As the value of those assets continues to rise, legal maneuvers allow the richest perpetually to avoid paying taxes on their gains in wealth.

https://www.chicagotribune.com/opinion/commentary/ct-opinion-illinois-income-tax-wealthy-biden-billionaire-minimum-income-tax-20220606-wklggjw7t5b33nxp7bc2uw7dri-story.html
1 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Robert Bruno: Working Illinoisans pull their weight in taxes. Billionaires need to chip in too. (Original Post) ck4829 Jun 2022 OP
Working class voters shot down a referendum in Illinois for a graduated income tax Midnight Writer Jun 2022 #1

Midnight Writer

(22,969 posts)
1. Working class voters shot down a referendum in Illinois for a graduated income tax
Sun Jun 12, 2022, 01:11 PM
Jun 2022

Last edited Sun Jun 12, 2022, 01:48 PM - Edit history (1)

to replace our current flat tax that favors the rich.

Under the graduated tax, over 80% of Illinoisians would have seen their taxes LOWERED or even eliminated.

But there was a massive advertising blitz against the change, and the people who would have benefited most rose up to vote to protect the richest people in the State.

Latest Discussions»Issue Forums»Occupy Underground»Robert Bruno: Working Ill...