I read in the paper yesterday
that you were again talking with the media about what was now referred to as
pension “restructuring”. First, I’m glad to see you stopped misusing the term
“reform”. The proposed “restructuring” of earned pension benefits for those who
did not create the state’s pension difficulties which would make things worse
for Illinois’ economy and middle class clearly doesn’t fit the definition of
reform. I’m also glad to see you stopped picking on fictional 87 year-old
retirees, focusing on the “bond houses” that are watching instead. That’s a
move in the right direction, even though I’d remind you that it’s not just the
bond houses watching Springfield’s actions closely. You even said something
yesterday I agree with: “This is not the time to dilly dally. It’s a time to
act.”
Putting aside the term “dilly
dally” which I generally reserve for use with children, I would agree that it
is time for lawmakers in Springfield to act. They’ve ignored the state’s
structural budget deficit for too long through consistent mismanagement of the
state budget and tax policy that benefited profitable corporations and wealthy
campaign donors at the expense of the majority of Illinois taxpayers.
Springfield politicians caused this problem, not the hundreds of thousands of
working and middle class individuals who never missed a pension payment and who
faithfully kept us safe, took care of our old and sick, and inspired Illinois’
children. You are right Governor Quinn, it is time to act.
To paraphrase one of your own
examples of the cost of inaction, allow me to explain just one of the many ways
politicians in Springfield could act to fix Illinois’ structural budget
deficit. One of the most beneficial for Illinois taxpayers would be to reform
Illinois’ flat income tax system. Only six other states have such a regressive
flat-tax system that has a nurse earning $40,000 pay the same tax rate as a
millionaire with an income of $4,000,000. The vast majority of states have a
graduated income tax systems that base tax rates on the ability to pay. For
example, if Illinois adopted the same graduated system in place right now in
Iowa it would cut taxes for the majority of Illinois taxpayers while generating
$6.3 billion in additional revenue in one year.
In case you missed it, here it
is again in bullet form:
·
A
graduated income tax would cut taxes for the majority of Illinois taxpayers.
·
A
graduated income tax would generate $6.3 billion (with a “B”) in new revenue.
·
A
graduated income tax would do this in one year.
That’s $63 BILLION in new
revenue over the next decade. So let’s do the math as those bond houses are
watching: $6,300,000,000 / 365 days = $17,260,274 per day.
As you can see Governor, every
day Springfield politicians continue to ignore the real problem of Illinois’
broken tax policy and waste time debating punitive measures that would hurt
Illinois’ economy, increase taxes for local property owners and diminish the
constitutionally protected benefits of those who never missed their payment and
didn’t cause this issue, Springfield’s inaction costs Illinois $17.3 million
dollars in much needed new revenue every day. In addition to the loss of new
revenue, Springfield’s continued misguided actions deprive the majority of Illinois
taxpayers a tax break that could stimulate our struggling economy.
You’re right Governor. It’s
time for politicians in Springfield to stop dilly dallying.
- MiC
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.