Batinick: Illinois should not follow New York's example
State Rep. Mark Batinick (R-Plainfield) does not want to see Illinois become New York.
“We are overtaxed in Illinois. We need to find a way to lower taxes, not raise them,” Batinick said in a statement in response to New York Gov. Andrew Cuomo recently lamenting that he does not believe that the state’s progressive income tax system, which has the Top 1 percent income earners paying nearly half of all personal income tax revenues, is having the desired effect.
“I don’t believe in raising taxes on the rich,” Cuomo told the New York Post as more well-to-residents flee the state for more tax-friendly surroundings. “That would be the worst thing to do. You would just expand the shortfall. God forbid if the rich leave.”
In Illinois, Gov. J.B. Pritzker has floated the idea of a progressive income tax similar to the system now in place in New York.
Meanwhile, income tax revenues over the last two months dropped by at least $2.3 billion in New York, with Cuomo attributing the much of the spiral to the new federal tax code and ongoing uncertainties in the stock market.