The graduated income tax
imposes rates ranging from 20- 35 on taxable income.
Changing that to impose a graduated income tax
-- under which wealthier residents would pay a higher percentage of taxes -- would require a change in the state constitution, a process that would take at minimum several years to complete.
But an updated version of the graduated income tax
system certainly would apply a rate much higher than 39.6 percent to those high-income earners (yes, even if the income were "earned" through investment).
Shlaes also shows how our graduated income tax
system, in which marginal rates rise with income, imposes an often large penalty when two earners get married.
Polls show majority support for basic progressive issues: universal health care, restraint on corporations, a graduated income tax
, increased spending on public education, and fundamental campaign finance reform.
There was virtually no regulation of the economy, although the Grangers and Populist William Jennings Bryan were arguing for a graduated income tax
, labor laws, sound money, control of railroads and communications, and popular election of the Senate.
In an effort to bring in more money to help improve the state's bleak financial outlook, Governor Pritzker has proposed a graduated income tax
structure, also known as the "Fair Tax," which would raise income tax rates for the Illinois' wealthiest individuals as well as corporations.
It will make sense if we separate a graduated income tax
table exclusive for employees, and focus on high value executives who should be declaring at least P1 million annual compensation income.
Instead, it recommended a graduated income tax
that amounts to a poison pill.
The progressive or graduated income tax
divides Americans by income class and treats them differently, just as racial preferences - whether old-style Jim Crow laws or new-style affirmative action - divide Americans by race.
Hop on your Time Machine instead, and travel to late 2020, when the graduated income tax
will have been approved by Illinois' Eloi majority.
We hope one of the main agenda items - a graduated income tax
for Massachusetts - wilts as quickly when lawmakers reconvene the convention in July.
I guess these taxes are meant for those 97% who supposedly would not be affected by the graduated income tax