Raising The Corporate Rate to 28 Percent Will Reduce GDP by $720 Billion Over Ten Years
Illinois Gov. Jay Robert “J. B.” Pritzker is targeting the program that provides scholarships for Illinois’ low-income and minority students when public schools are a poor fit.
Pritzker is threatening to cut off one of the few ways low-income and working-class kids and families gain access to educational options, according to Hilary Gowins of the Illinois Policy Institute.
Pritzker proposed in his fiscal year 2022 budget that the state should drastically reduce the incentive to donate to Illinois’ tax credit scholarship program, which offers low-income families scholarship money so their kids can attend the schools that best suits their needs.
The Invest in Kids Scholarship Tax Credit Program allows individuals and corporations to donate money to the scholarship program and receive a tax credit of 75 cents for every $1 donated, up to a maximum credit of $1 million.
Pritzker proposes to reduce the current 75% tax credit to 40%, which he says will generate $14 million in general revenue funds. According to Gowins, “If Pritzker reduces the tax credit donors receive, it’s likely this program will be less attractive to donors and lead to fewer low-income minority students being able to find fits for their educational needs. Pritzker included this proposal in a list of ‘corporate loopholes’ he’d like to close, but the vast majority of the program’s donors are individuals – not corporations.”
“Pritzker is a vile human being,” said Jim Tobin, economist and president of Taxpayer Education Foundation (TEF). “As a foot-soldier for the greedy and corrupt labor unions now running Illinois, Pritzker is one of the worst, if not the worst, governor in the History of Illinois.”
“Pritzker is sacrificing the welfare of low-income and working-class kids and families in order to generate $14 million in general revenue funds, which you can bet will be funneled into the floundering state pension funds for retired government employees. These low-income kids and families will suffer while the money that would have helped them will help pay for the lavish, gold-plated state pensions that are making pension millionaires of many of these retired government employees and bureaucrats.”
“This horrible person, Pritzker, must not be allowed to serve another term as governor. He is destroying what was once the great state of Illinois.”