Jim Tobin, A Friend Of Liberty (1945-2021)
May 2nd, 2022
Gov. Jay Robert “J. B.” Pritzker and his cronies in the Democrat-controlled Illinois General Assembly are telling voters that their proposed constitutional amendment to the Illinois Constitution on the November 3 statewide ballot would be a “fair” tax increase. They make the astonishing claim that their proposed graduated state income tax would raise taxes only on those who can afford it, and that middle- and lower-class families would not be adversely affected. This is a barefaced lie.
“If passed, the Pritzker amendment would result in another shameless transfer of wealth – and a huge one – from workers in the private sector struggling to pay their bills to retired government employees already enjoying lavish, gold-plated pensions,” said Jim Tobin, economist and president of the Taxpayer Education Foundation (TEF).
Almost all of the recent $5 billion increase in the state income tax was pumped into the state pension plans for retired government employees. Even this huge amount didn’t move the needle. These bighearted pension plans are still floundering and slowly dying. Now, J. B. and his buddies in the general assembly are back for more, and in a really big way.
The 2020 Illinois Government Pension report published by TEF examines the six government pension plans in the state. A look at just one of them, the Teachers’ Retirement System (TRS) is enlightening, and shows why these pension plans are functionally bankrupt and require frequent infusions of taxpayer dollars.
“Taxpayers, through their state taxes, have so far paid $4,554,535,473 into TRS,” said Tobin, “and they will be paying a lot more into this and the other state pension plans if Pritzker’s income theft amendment passes on November 3.”
The information above was sent to the Chicago Tribune, which the paper declined to publish.