Governor JB Pritzker is issuing a dire warning after his graduated income tax proposal failed to pass.
If approved, the new tax structure was predicted to generate more than three billion dollars in much needed new revenue each year. Without that money, the Governor says the state is in a tough fiscal situation.
“There will be cuts, and they will be painful. And the worse thing is the same billionaires that liked to you about the fair tax are more than happy to hurt our public schools, shake the foundations of our cities and diminish our state. Maybe because they think it won’t hurt them.”
The Governor says he will be discussing options with lawmakers in the coming days and isn’t ruling out a tax increase.
Those arguing against the so-called fair tax say it would hurt small businesses and give lawmakers more power to raise taxes on different groups of income earners in the future.
